After facing significant delays from COVID-19, the $400 million redevelopment of Adelaide’s iconic Central Market Arcade will commence in June 2022.
Led by Melbourne-based ICD Property, the project spans 11,000sqm and incorporates residential apartments, hotel, office accommodation and retail owned by the developer, with the precinct to be renamed Market Square.
Initially scheduled to break ground two months ago, the redevelopment is expected to have a builder engaged by late 2021 and will take three and a half years to complete.
“It’s exciting to be taking this major step forward to realising what will be a city-shaping project for Adelaide and South Australia and this early advice on the commencement timeframe reflects our commitment to provide certainty and early notice to precinct stakeholders,” Lord Mayor Sandy Verschoor said.
More than 80 per cent of residential sales have been sold to a waitlist prior to public launch, making it one of the fastest-selling projects in Adelaide.
Formal notice of construction will be provided to the Council on 28 November 2021 by ICD Property.
“Despite the challenges posed by COVID in the past two years, we are on track to deliver this once in a generation project,” ICD property managing director Matt Khoo said.
“We have been working closely with the City of Adelaide and the Adelaide Central Market Authority every step of the way and will continue to do so moving forward in order to support traders through this transition.”
The developer will undertake enabling works before June 2022 in preparation for the redevelopment, which will take place in stages due to the size of the project.
Central Market Arcade traders will be notified of the commencement dates as per the agreed terms under lease agreements currently in place.
Neighbouring Adelaide Central Market will continue to remain open and trade throughout construction.
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