CONSTRUCTION works have officially begun at the $400 million Market Square development that will replace Adelaide’s existing Central Market Arcade.
The Market Square project will see the expansion of the iconic Adelaide Central Market on the ground level and above, the addition of new retail space, a seven-level all-electric commercial office tower, childcare centre, luxury residences, including a $10 million penthouse, an elevated and vibrant garden retreat and an upscale hotel.
Plans were approved in March to increase the building’s height by two storeys to 39 storeys, and for the commercial office space to increase to 20,000 sqm.
“We are delighted to be partnering with the City of Adelaide to deliver our vision to create something truly transformative for the city, a source of real local pride and a must-visit tourist destination,” said ICD Property CEO Matthew Khoo.
“The commencement of demolition and construction works is a significant achievement we have long been working towards and we couldn’t be more excited to be making progress with Market Square and see the project moving forward.”
Adelaide City Council and ICD Property unveiled the redevelopment back in late 2019.
More than 98% of residences were sold within their first few weeks of launch, prompting the addition of two new floors of apartments, Khoo said.
“Demand for space in the all-electric commercial office tower has also been extremely positive with several negotiations currently underway and announcements expected soon.”
Lord Mayor of Adelaide, Jane Lomax-Smith said the project is expected to create more than 1,000 new jobs.
“It will generate an overall boost of $135 million to the South Australian economy while allowing the Adelaide Central Market to thrive and expand.
“By developing around 20,000 sqm of office space in a seven-level commercial tower there is also fantastic potential for increased activation of Adelaide’s CBD.”
Multiplex has been appointed as the project’s builder. Construction is expected to take around three years and the project will be delivered in stages. The commercial component is expected for completion in 2025, the retail area in 2026 and the residences across 2025 into 2026.
“We are delighted to be progressing Market Square’s construction, signalling the project’s strength to proceed at a time when other projects around the nation are stalling.” Multiplex state manager Andrew Warren said.
Adelaide Central Market will remain open during all stages of the project and the expansion.
“The Market expansion will deliver more of what Adelaide already loves so much. More fresh food, more artisan products, more South Australian produce, more hospitality and more local wining and dining options,” said Adelaide Central Market Authority chair Theo Maras.
“It will be business as always for our traders and customers. From Tuesday to Saturday the Market will remain open and continue to serve up the best fresh produce every Market day.”
Woods Bagot associate principal Alex Hall said Market Square’s design will “transform the precinct by creating a truly cosmopolitan vibe with laneway extensions, activated public spaces and increased foot traffic”.
