A $400 million redevelopment of Adelaide's iconic Central Market has been approved, which will see the precinct transformed with residential and office buildings, a hotel, and new retail spaces.
The project has today been approved by South Australia's State Commission Assessment Panel (SCAP), giving ICD Property and the City of Adelaide a green light to go ahead with the redevelopment.
Called 'Market Square', the joint venture project will create a new social hub to enhance the existing Central Market a beloved CBD retail precinct in Adelaide.
Scheduled to break ground in the second half of this year, Market Square will integrate office, residential and retail spaces, alongside a new hotel and an urban terrace an elevated garden space in the heart of the city.
Adelaide Lord Mayor Sandy Verschoor said Market Square is a once-in-a-generation opportunity to grow and secure the future of one of the city's most iconic precincts.
"This investment provides a unique opportunity to build on what people already love about the market district," Verschoor said.
"We are excited to be part of ICD Property's Adelaide's flagship development, Market Square, building on Central Market's importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets."
ICD Property managing director Matthew Khoo said the project team is focused on protecting and supporting the Central Market's strengths and its "authentic" Adelaide vibe.
"We are very proud to partner with the City of Adelaide, to deliver our joint vision to create something truly outstanding for the city, a place of real local pride and a must-visit tourist destination," he said.
"Market Square will be a celebration of the best of South Australia, and feature new retail opportunities.
"The seamless connection and close partnership with the Central Market is a huge asset to this project, we couldn't be more excited to help secure its heritage and to watch this precinct flourish in the years to come."
Market Square atrium (provided)
The project is expected to generate a $135 million boost to SA's economy and is projected to create more than 1,000 construction jobs.
Once complete, annual precinct visitor numbers are forecast to rise by over 1 million, with the project to also create better access through Victoria Square, Grote Street, and Gouger Street.
Khoo said a key component of Market Square is the new 15,000 sqm office building.
"We have recently appointed JLL to undertake the leasing," he said.
"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.
"Modern, sustainable, and featuring the best technology, the Market Square office has been designed to create a better working life."
The office includes seven levels of A-grade commercial space and will house more than 750 employees.
Demolition and construction will begin this year, with the construction period to last three and a half years.
During that time the existing Central Market precinct will remain open and operational.
"We are acutely aware of the potential impact on traders and the community, and are working closely with the entire project team and ACMA to ensure this impact is minimal," Khoo said.
"The Central Market Arcade is a historic part of Adelaide and an integral part of the community.
"We are excited to deliver a highly considered and memorable project that will be enjoyed for decades to come."
Business News Australia
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