ICD Property is proud to announce the development application for the upcoming $400 million Central Market Arcade Redevelopment was successfully lodged on Friday 30 October for consideration by the State Commission Assessment Panel.
Located adjacent to the iconic Adelaide Central Market, the joint venture project between ICD Property and the City of Adelaide will be a catalytic investment in the city, creating a new social and commercial heart that respects the Market’s unique heritage and history, while securing the future of the market district for decades to come.
Scheduled to break ground in 2021, the Central Market Arcade Redevelopment is projected to create over 1,000 much-needed construction jobs and significant economic growth in South Australia in the wake of COVID-19. Once complete, annual visitor numbers are forecast to rise by over a million, while also creating better access through Victoria Square/Tarntanyangga, Grote Street and Gouger Street.
ICD Property Managing Director Matthew Khoo said the project team acknowledges the Central Market is already a world-class public realm, and are focused on protecting its strengths and ‘authentic Adelaide’ vibe, while creating an elevated and thriving mixed use precinct full of rich and diverse experiences. “The lodgement of the development application with the State Commission Assessment Panel was the next huge milestone for the Central Market Arcade Redevelopment project. Redeveloping such an important, city-shaping community asset will afford us the opportunity to further establish Adelaide’s Market Precinct as one of the world’s most unique and vibrant destinations. The Central Market offer as it stands won’t change, it would only be extended to provide a more diverse offer to visitors. A key component we’re really excited about offering is the 15,000sqm office building. We have recently appointed JLL to undertake the leasing of one of the best new office buildings in Adelaide. With a focus on wellness, a premium location adjacent to the entire Market precinct, and flexible floor plates, this is an unmissable opportunity like no other.”
Lord Mayor Sandy Verschoor said the redevelopment is a once-in-a-generation opportunity to grow and secure the future of what is already one of Adelaide's most beloved precincts.
“The City of Adelaide looks forward to seeing this ground-breaking project lodged with the State Commission Assessment Panel. This incredible investment into Adelaide and South Australia will see the world-renowned Adelaide Central Market’s current offering extended to ensure the longevity and sustainability of one of our most iconic destinations.”
The redevelopment will support what visitors already love about the existing market precinct, while continuing to grow and secure the longevity and future of the district and the neighbouring Adelaide Central Market by creating a world-class fresh food destination. The redevelopment will foster a local, diverse and multicultural place responding to the changing needs of the modern consumer.
Adelaide Central Market Authority Chair Theo Maras said, “ The Adelaide Central Market Authority welcomes the City of Adelaide’s vision and plan for the redevelopment. More than just benefiting the state, this city shaping project will secure the long-term future of our Market and provide opportunities for small business, the foundation of any traditional produce market. Our Market has been at the heart of food and culture in South Australia for over 150 years and the Market will continue to serve the community throughout the redevelopment and for decades to come. The Adelaide Central Market will be open for business throughout the redevelopment and the Authority will support and collaborate with our traders throughout all phases of the project.”
ICD Property has partnered alongside leading Australian property development firm Sinclair Brook and Adelaide-founded global architecture firm, Woods Bagot to deliver the project. Woods Bagot associate principal Alex Hall said the Arcade Redevelopment’s design is a direct evolution of the original ideas unveiled in late 2019.
“The idea has always been to develop a globally relevant destination by providing a window into South Australia’s unique food and produce. Respecting the authentic feel of the Market, and holding close those things locals love about it, the design is the result of great dialogue and collaboration with the Adelaide Central Market Authority, the City of Adelaide, ICD Property and various government agencies,” said Mr Hall.
Once development approval is received, it is anticipated that construction will begin in 2021. The construction period for the whole development is estimated at three and a half years.
ICD Property is committed to working closely with the Adelaide Central Market Authority (ACMA) and builder (yet to be selected) to ensure the Market remains open for business during the project.
“We are acutely aware of the potential impact on traders and the community, and are working closely with the entire project team and ACMA to keep the Market precinct open for business during construction. We encourage South Australians to continue to support the Market and Arcade traders during this time, and we will do everything in our power to make this as easy as possible,” Mr Khoo said.
The City of Adelaide will continue to offer support to Central Market Arcade traders to ensure current traders can make informed decisions around when, where and how they might relocate their business within the city. In an effort to support all trader’s continuing their business operations if that is their wish.
“The Central Market Arcade is an integral part of the community. The application is now in the hands of the State Commission Assessment Panel, and we look forward to receiving a positive outcome that will allow us to deliver a highly considered and memorable project that will be enjoyed for decades to come,” Mr Khoo concluded.
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