ICD Property’s $400m Market Square development is set to be one of South Australia’s first all-electric workplaces. A major milestone for Adelaide’s push towards a greener economy. The 6-star Green Star workplace is ousting fossil fuels in favour of renewables with a commitment to go all-electric for the base commercial building in the $400 million precinct. The 15,000 square metre commercial development will feature other unique earth-friendly initiatives like rooftop solar, rainwater capture for irrigation, use of locally-sourced recovered materials, and waste minimisation.
“We are very proud of this significant green milestone. We all know the journey towards a green economy is not quick, but in Adelaide we are making real progress thanks to commitments like this. We are thrilled that Market Square is enabling us to deliver one of the first all-electric buildings in South Australia. This will be a major asset to other industry leaders seeking a new workplace aligned with their values. We can all work together to build a better, greener future.” said Lord Mayor Sandy Verschoor.
The seven-level A-Grade offices at Market Square will achieve the 6-star Green Star rating and all-electric status through a number of smart design choices.
“Our vision has always been to create a human-centric and sustainable workplace at Market Square,” said ICD Property Managing Director, Matt Khoo. “There is no question this requires a bigger upfront investment, but for us it was non-negotiable. Renewable energies are the way of the future and as a developer we recognise the responsibility we have to influence tangible change in Australia’s landscape by future proofing all our projects with best-in-class sustainable practises. Which is something we are looking to implement across our entire portfolio. Market Square’s all-electric office base build is just one example of how we hope to push towards greener sustainability practises in the development industry. Aside from the obvious benefits to the community and environment, there are also flow on effects to tenants who will receive significant savings through lower ongoing operational costs. Something that is becoming a bigger draw for today’s business leaders.”
Graham Cottam, Regional Managing Director at recently appointed project builder Multiplex, said Market Square was a fantastic opportunity to make a real difference. “We have a simple purpose to construct a better future, and we are delighted to be working with ICD to align our interests and help maximise Market Square’s environmental credentials.”
Market Square is on track for achieving industry-leading green credentials, including a 6-star Green Star, 5 and a half star NABERS, and Gold WELL accreditation ratings.
“With Market Square, we wanted to focus on long-term sustainability solutions that would help to address looming global challenges,” said project architect Woods Bagot Associate Principal, Alex Hall.
Other earth-friendly measures for the project include solar panels, rainwater capture for irrigation, selection of recovered and recycled locally sourced materials for building wherever possible, a targeted minimum 90% diversion of waste from landfill, and maximising use of biophilic design elements like natural light, natural materials and vegetation.
Market Square’s commitment to sustainability aligns closely with the push towards carbon neutral readiness in South Australia, including initiatives such as:
· Decarbonising transport and changing the way we travel to and in the city.
· Continuing to drive investment in large-scale renewable energy generation and storage in the state.
· Building on South Australia’s leadership in resource recovery and diversion of waste from landfill.
The offices at Market Square are part of the $400 million redevelopment of the Central Market Arcade into a new central lifestyle precinct, which will also include a hotel,
residences, new retail, a childcare, an expanded Adelaide Central Market, and an elevated urban terrace – a green retreat in the heart of the city. “At more than 80% residences sold in a few weeks and only a few remaining, we were blown away by the response to Market Square. We are in ongoing conversations and look forward to announcing the first anchor tenant – we have had so much interest, it is a really exciting time for the project,” said Khoo.
ICD Property and the City of Adelaide are joint partners in the redevelopment. Construction will commence in July 2022 and take three and a half to five years to complete. The Adelaide Central Market will remain open for business as usual throughout the planning and construction.
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