Development Application Approved for New Market Square in Adelaide
ICD Property and the City of Adelaide announced the development application for the upcoming AUD 400 million Central Market Arcade Redevelopments has been approved by the State Commission Assessment Panel. The Central Market Arcade Redevelopment, which will see an enhanced and expanded Central Market will also include residential, hotel, office accommodation and retail owned by ICD Property, 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. A catalytic investment in the city, the development will create a new social and commercial hub that will preserve and enhance the Central Market, and secure the future of the market district for future generations.
Scheduled to break ground in the second half of 2021, Market Square will be unlike anything else that exists in the city. The new precinct will integrate office, residential, and retail spaces alongside a new hotel and an urban terrace, an elevated and vibrant garden retreat in the heart of the city, and will transform the way people move around and connect with each other. The architectural vision sets a new benchmark for design in South Australia. Market Square will be an inviting place to gather, to eat, to live and to work, and will offer unparalleled new retail opportunities, featuring coveted brands and showcasing the best of South Australia’s makers and producers. New activations will evolve from day to day and season to season, keeping Market Square alive and thriving year-round.
The office includes seven levels of A-grade commercial space, and will support over 750 employees. ICD Property has partnered alongside leading Australian property development firm Sinclair Brook and Adelaide-founded global architecture firm Woods Bagot to deliver the project.
Demolition and construction will begin this year, with the construction period for the whole development estimated to take three and a half years.
ICD Property is committed to working closely with the Adelaide Central Market Authority and builder (yet to be selected) to maintain business as usual during this time.