ICD Property going green in $400m redevelopment of Adelaide's Central Market Arcade

Melbourne-based ICD Property has announced plans to build one of Adelaide’s greenest office buildings as part of the $400 million redevelopment of the city’s iconic Central Market Arcade.

Developers of the 15,000sqm tower are aiming for a six-star Green Star rating from the Green Building Council of Australia (GBCA) and will feature rooftop solar, rainwater capture for irrigation and use locally recovered and recycled materials in its construction. At least 90 per cent of waste generated from the building will be diverted from landfill.

The eco-friendly space is part of the commercial portion of ICD’s 11,000 sqm ‘Market Square’ project, which will also incorporate residential apartments, a hotel, and retail spaces.

ICD Property managing director Matt Khoo said the company has always envisioned creating a “sustainable workplace” and considers renewable energy as “the way of the future”.

“There is no question this requires a bigger upfront investment, but for us it was non-negotiable,” Khoo said.

“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.”

Khoo added Market Square was just one example of plans to push towards greener sustainability practises in the development industry.

To achieve a six-star rating from the GCBA, a building must be “fossil fuel-free, powered by renewables, highly efficient, built with low carbon materials and offset with nature.”

Designed by local architects Woods Bagot, the precinct is on track to achieve other green credentials such as five-and-a-half stars from the National Australian Built Environment Rating System (NABERS) and Gold WELL accreditation from the International WELL Building Institute.

“With Market Square, we wanted to focus on long-term sustainability solutions that would help to address looming global challenges,” said Woods Bagot associate principal Alex Hall.

After facing significant delays due to COVID-19, construction for the precinct is slated to commence in June and will be built by Sydney-based Multiplex.

Adelaide Lord Mayor Sandy Verschoor said the green office space is a “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,” Verschoor said.

“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.”