Development Application Approved for New Market Square

ICD Property and the City of Adelaide are proud to announce the development application for the upcoming $400 million Central Market Arcade Redevelopment has been approved by the State Commission Assessment Panel (SCAP). The Central Market Arcade Redevelopment, which will see an enhanced and expanded Central Market will also include residential, hotel, office accommodation and retail owned by ICD Property – named Market Square. Located adjacent to the iconic Adelaide Central Market, Market Square is a joint venture project between ICD Property and the City of Adelaide. A catalytic investment in the city, the development will create a new social and commercial hub that will preserve and enhance the Central Market, and secure the future of the market district for future generations.

Scheduled to break ground in the second half of 2021, Market Square will be unlike anything else that exists in the city. The new precinct will integrate office, residential, and retail spaces alongside a new hotel and an urban terrace – an elevated and vibrant garden retreat in the heart of the city – and will transform the way people move around and connect with each other. The architectural vision sets a new benchmark for design in South Australia. Market Square will be an inviting place to gather, to eat, to live and to work, and will offer unparalleled new retail opportunities, featuring coveted brands and showcasing the best of South Australia’s makers and producers. New activations will evolve from day to day and season to season, keeping Market Square alive and thriving year-round.

Lord Mayor Sandy Verschoor said Market Square is a once-in-a-generation opportunity to grow and secure the future of one of Adelaide’s most iconic precincts. “The City of Adelaide is proud to announce that the redevelopment of the Central Market Arcade has been approved,” the Lord Mayor said. “This investment provides a unique opportunity to build on what people already love about the market district. “We are excited to be part of ICD Property’s Adelaide’s flagship development, Market Square, building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets.”

ICD Property Managing Director Matthew Khoo said the project team acknowledges the Central Market is already a world-class public space, and are focused on protecting and supporting its strengths and ‘authentic Adelaide’ vibe. The new thoroughfare between the Central Market, the new precinct and Victoria Square will draw increased foot traffic, encourage visitation and infuse new energy to the region, benefitting stall holders and other local businesses. “We are thrilled to receive the State Commission Assessment Panel’s approval of our development application to be now called Market Square. This is a massive milestone for the project, and an honour for us to be working on such an iconic city-shaping project. Market Square will be a celebration of the best of South Australia, and feature fresh new retail opportunities. The seamless connection and close partnership with the Central Market is a huge asset to this project, we couldn’t be more excited to help secure its heritage and to watch this precinct flourish in the years to come.”

Market Square is expected to generate an overall boost of $135 million to the South Australian economy. The development is projected to create over 1,000 much-needed construction jobs and provide a significant boost to the South Australian economy in the wake of COVID-19. Once complete, annual precinct visitor numbers are forecast to rise by over a million, with the project also creating better access through Victoria Square, Grote Street and Gouger Street.

“A key component of our innovative precinct is the 15,000 sqm office building,” said Khoo. “We have recently appointed JLL to undertake the leasing. This workplace is a much-needed addition to the city’s commercial offerings and will be highly sought-after for its premium location, inspired design, connectivity, and amenities. Modern, sustainable, and featuring the best technology, the Market Square office has been designed to create a better working life. It’s easy access to the precinct’s amenities such as the terrace garden and Market Hall Atrium gathering place make it completely unique. Additional features like proximity to the precinct’s dedicated hotel, childcare facilities, tenant parking and exclusive VIP precinct access make it an unmissable opportunity.”

The office includes seven levels of A-grade commercial space, and will support over 750 employees. ICD Property has partnered alongside leading Australian property development firm Sinclair Brook and Adelaide-founded global architecture firm Woods Bagot to deliver the project.

Demolition and construction will begin this year, with the construction period for the whole development estimated to take 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 maintain business as usual during this time.