Property Australia

Adelaide’s $400 million market makeover

Karen Jamal Karen Jamal February 9, 2021

The $400 million upgrade to Adelaide’s Central Market has been approved, with the first sod set to be turned in the second half of the year.

 

Why we love this project:

  • Located adjacent to the iconic Adelaide Central Market, Market Square is a joint venture between ICD Property and the City of Adelaide
  • Market Square is expected to deliver a $135 million boost to the South Australian economy and create 1,000-plus construction jobs
  • The new precinct will integrate office, residential and retail spaces alongside a new hotel and
    an “urban terrace” or elevated garden.

 

Adelaide lord mayor Sandy Verschoor says Market Square is a once-in-a-generation opportunity to secure the future of one of Adelaide’s most iconic precincts.

The Adelaide Central Market dates back to 1869. Over the past 150-odd years, it has accumulated more than 80 traders and is now one of the largest undercover markets in the southern hemisphere.

“This investment provides a unique opportunity to build on what people already love about the market district,” Verschoor says.

The new design by Woods Bagot provides a “a window into South Australia’s unique offerings” and respects the “grittiness and authentic feel of the market”, adds associate principal Alex Hall.

The market attracts more than 8.5 million visitors each year. Once the redevelopment is complete, annual precinct visitor numbers are forecast to rise by more than one million, while creating better access through Victoria Square, Grote and Gouger streets.

100221 - Project of the Week - Market Square 2

Theo Maras AM, chair of the Adelaide Central Market Authority, calls the project a “city-shaping redevelopment” and says the market will continue to trade throughout construction.

The development will include 11,172 sqm of retail space and 15,000 sqm of A-grade office space, as well as a 249-room hotel and 210 apartments—15 per cent set of which will be affordable housing.

Demolition and construction will begin this year, with the project expected to take three and a half years.

“The Central Market Arcade is a historic part of Adelaide and an integral part of the community. We are excited to deliver a highly considered and memorable project that will be enjoyed for decades to come,” says ICD Property’s managing director, Matthew Khoo.