The $400 million Adelaide Central Market Arcade redevelopment has been approved by the State Commission Assessment Panel, with construction set to begin later this year.
The project will see the ageing Central Market Arcade demolished for new retail areas and a 38-storey office, hotel and residential building. Melbourne-based developer, ICD Property, will own and manage the central tower, 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.
“The City of Adelaide is proud to announce that the redevelopment of the Central Market Arcade has been approved,” Adelaide Lord Mayor Sandy Verschoor said.
“This investment provides a unique opportunity to build on what people already love about the market district.”
Market Square is expected to generate an overall boost of $135 million to the South Australian economy, with the development projected to create over 1,000 much-needed construction jobs.
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,” ICD Property Managing Director, Matthew Khoo, said.
“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.”
The office includes seven levels of A-grade commercial space and will support over 750 employees.
Adelaide Central Market Authority Chair, Theo Maras, said the body supported the redevelopment of an “already world class central market.”
“I’ve been coming here for many, many years – since I was five years old with my grandparents – and let me tell you its a very dear place to me,” Mr Maras told In Daily.
“There will be no change to the market: it will continue to trade as it’s trading with an extension that’s going to be world class.”
Mr Maras said the development had attracted new traders to the market, including Haigh’s, Gerwurzhaus, Skala Artisan Bakers and Angelakis Bros, with existing traders investing in expansions.
The construction period for the whole development is estimated to take three-and-a-half years.