Multiplex appointed as builder for Market Square

The ICD Team,

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7th February 2022

Australia’s Multiplex has been appointed as the builder for Adelaide’s $400 million redevelopment of the Central Market Arcade, to be named Market Square. Construction on the project, scheduled to commence in June 2022, will see an expansion of the Adelaide Central Market alongside the addition of new retail, a seven-level A-grade commercial office tower complemented by an onsite childcare centre, luxury residences, and an upscale hotel.

“This is a major milestone for one of Adelaide’s most important projects” said Adelaide Lord Mayor Sandy Verschoor. “We are very proud to be working alongside  project partner ICD Property, as well as the Central Market, the Adelaide Central Market Authority – and now Multiplex – to bring this project to life. Market Square will generate a welcome boost for the economy and celebrate the best of South Australia creating a new cultural precinct for us to work, play, and visit.”


“We couldn’t be more thrilled to be joining this once in a lifetime project,” said Multiplex Regional Managing Director, Graham Cottam. “We have proven experience with developments of this scale across the globe. We pride ourselves on delivering international best-practice, collaboration and maintaining a shared focus with clients and the communities they serve.”

“As an Australian-established company with global experience and top green credentials, Multiplex was a perfect fit for Market Square,” said ICD Property Managing Director, Matt Khoo. “Utilising Multiplex’s experience in construction, I am confident Market Square will become a world-class destination in South Australia, and a game-changer for Adelaide.”

Maintaining business as usual at the Central Market will be a major focus for the whole project team throughout the entirety of construction, expected to take roughly three and a half years. “We are acutely aware of the need to ensure all Central Market customers continue to feel welcome and are working closely with the entire project team and ACMA to ensure any potential impact is minimal,” said Khoo.

“The Central Market is one of Adelaide’s most beloved destinations. It is our top priority to support our Traders and customers to continue with business as usual during construction,” said Chair of the Adelaide Central Market Authority (ACMA), Theo Maras. “We are taking all the necessary steps and precautions to ensure disruption to trading is minimised and we will continue to work closely with Traders during construction, to ensure their business needs are met and we continue to service the community during this exciting time of growth.

The project team is currently exploring options with ACMA including uninterrupted Central Market street frontages during construction, installing significant hoarding around the construction site to reduce noise and dust, and marketing activities to encourage visitors to the market during the construction period. Construction on Market Square includes a seven-level A-Grade office tower, 210 luxury residences including Adelaide’s most expensive penthouse listed at $10 million, new retail featuring the best of South Australian makers and purveyors, an upscale hotel, a childcare, event spaces and 3,500 square metres of elevated green space in the form of a rooftop terrace; all set in the heart of the city.

Market Square residential sales kicked-off in late 2021, and reached over 80% sold within weeks, making it the fastest-selling project of its size in Adelaide and speaking to unprecedented interest in the project. The development is projected to create over 1,000 much-needed construction jobs and create a $135 million boost to the South Australian economy. 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.

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