Demolition and construction begins at "city-defining" Market Square development

Last updated 05 June, 2023
Market Square development, Grote Street perspective

Demolition and construction has started on the $400 million Market Square Development — a major milestone that Adelaide Lord Mayor and AEDA Board member Jane Lomax-Smith has called a "city defining moment".

Dr Lomax-Smith says the development, which includes new retail space, a seven-level all-electric commercial office tower, childcare centre, luxury residences, hotel and garden retreat, will breathe new life and vibrancy into the precinct.

The development replaces the Central Market Arcade and will not impact opening hours of Federal Hall where stallholders are located.

“This project is going to deliver enormous economic benefits for the city and is expected to create more than 1,000 new jobs,” the Lord Mayor says.

“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 20,000sqm of office space in a seven-level commercial tower there is also fantastic potential for increased activation of Adelaide’s CBD.”

According to figures provided by developer ICD Property, which is collaborating with City of Adelaide on the project, 98 per cent of residences sold within the first few weeks of launch.

A further two new floors of apartments were added to the tower to cater for demand, while a $10 million penthouse caught the eye of buyers around the world.

“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,” ICD Property Chief Executive Matthew Khoo says.

“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."

Multiplex has been appointed by ICD Property and City of Adelaide as the project’s builder.

Adelaide Central Market Authority Chair Theo Maras AM says the Adelaide Central Market will remain open at all times during construction.

“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,” Mr Maras says.

“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.”

Announcements on the hotel operator, office tenants and anchor retailers will follow throughout the year and until completion.

The project will be delivered in stages with the commercial component expecting completion in 2025, the retail area expected in 2026 and the residences across 2025 into 2026.

The project, at a glance

• 8,500sqm precinct footprint
• 21,700sqm A-Grade commercial space
• 234 residential apartments
• 11,000+ sqm retail centre
• 3,000sqm outdoor elevated garden
• 251 room 4 - 4.5 star hotel

Adelaide Central Market stallholders ready for roaring trade

Adelaide Economic Development Agency Supports Central Market Arcade Traders

Good food, good drink and good fortune at the Adelaide Central Market