Project status
The $400 million Market Square development will be a catalyst securing the future of the market district, incorporating an expansion of the Adelaide Central Market that you know and love.
In 2015 Council’s strategy ‘Our Market District – The Right Ingredients for the Future’, being the subject of extensive community consultation, identified a redevelopment of the Central Market Arcade (located to the east of the Adelaide Central Market and spanning between Grote and Gouger Streets). In late 2018, the Central Market Arcade was returned to the City of Adelaide and presented a once-in-a-lifetime redevelopment opportunity.
A joint venture between the City of Adelaide and ICD Property, the redevelopment will incorporate an expansion of the Adelaide Central Market together with an all-electric commercial office tower, retail, on-site childcare, new residences, a premium hotel and activated public spaces known as Market Square. The existing Adelaide Central Market will continue to trade as always during the course of the redevelopment.
The Market Square development will deliver a flagship mixed-use precinct of national significance, creating a new social and commercial hub for the city.
Market Square development snapshot
- A world-class development setting a new benchmark for design in South Australia.
- Expanded Adelaide Central Market supporting specialty food and beverage, fresh food, artisan producers, uniquely SA offerings and the best shopping and eating experiences.
- In addition to the retail expansion the City of Adelaide will retain 260 public car parks and basement loading/servicing.
- A new supermarket at Level 1 together with everyday retail services and specialist retail offerings.
- Market Hall supporting events and activities.
- New connections between Grote and Gouger Streets including an urban laneway supporting laneway culture and art.
- East/west link connecting Victoria Square and the Adelaide Central Market.
- 3,000m2 public rooftop green space supporting a range of uses and activities.
- 20,000m2 commercial office space together with a premium hotel offering 248 rooms, 231 luxury residences and childcare.
- Site preparatory works to be undertaken until May 2023, main works demolition commencing June 2023.
- Construction completion estimated early 2026.
- Generating an overall boost of $135 million to the South Australian economy.
- Creating 1,000+ new jobs during construction.
- More than an additional 1 million visitors per annum resulting in a projected 10 million visitors to the market district each year.
- Commercial office to support 750+ employees.
A major focus for ICD Property and the project team will be to minimise construction impacts and maintain business as usual for the Adelaide Central Market and market precinct throughout construction. The City of Adelaide has implemented measures to support the precinct during construction through establishment of UPark Andrew, new on-street loading and precinct wayfinding.
Current project status and updates
Multiplex has installed and commissioned the first crane at the Market Square site marking another significant milestone for the project.
A further three cranes will be installed over the next 4-6 weeks, with the work to occur mainly on weekends. The crane installation works are to be completed within the site boundaries and minimal impact is expected to neighbouring properties. All works are subject to weather conditions.
In addition, over the coming weeks Multiplex plans to install gantry systems facing Grote Street and Gouger Street to support site safety during construction. Gantry installations will be supported by specific traffic management measures.
Significant excavation and soil removal has taken place with associated perimeter retention underway to form the basement walls. As a result, the Grote Street end of the site is now at the lower basement level.
Excavation and retention works are continuing for the purpose of the basement while foundation piling is also underway to support the main building structure.
Development partner and project team
The City of Adelaide has entered into a partnership to develop this cornerstone site in the market district with leading developer ICD Property, a leading property developer with landmark property developments across Australia. The project team to realise the $400m redevelopment include:
Sinclair Brook Group is a boutique property company focused on creating innovative spaces to optimise value and returns for their investors and development partners.
Woods Bagot founded in Adelaide in 1869 is a global architecture studio founded by visionaries who were passionate about designing for the future growth of their city and its people.
Mott MacDonald are a global, employee-owned management, engineering and development consultancy delivering innovation to improve society by considering social outcomes.
Frequently asked questions
Once complete, Market Square will comprise of an all-electric commercial office tower, additional retail, on-site childcare, new residences, a premium hotel and activated public spaces.
The development will include an expanded Adelaide Central Market, doubling its current size. Just as it is now, the expanded Adelaide Central Market will be all about specialty food and beverage, fresh food, artisan producers, uniquely SA offerings and the best shopping and eating experiences.
As part of the redevelopment, the City of Adelaide will retain the ground floor retail, together with 260 public car parks and basement loading, creating enhanced public amenities and a valuable asset for the community.
The ground floor retail will be operated by the Adelaide Central Market Authority and will provide for an expanded Adelaide Central Market, doubling its current size.
The air rights will be transferred to ICD Property enabling the developer to build the other components of the redevelopment i.e. office, hotel, residential, together with retail, ancillary uses and car parking.
The Adelaide Central Market will continue to trade as always, throughout all phases of the Market Expansion and Market Square development.
Their network of over 70 passionate traders will be there every Market day throughout the neighbouring redevelopment project, continuing to serve up the best fresh produce and speciality favourites for customers.
To continue accessing the Adelaide Central Market, please refer to the indicative entries map below:
Adelaide Central Market opening hours:
Tuesday: 7:00 am – 5:30 pm
Wednesday: 9:00 am – 5:30 pm*
Thursday: 9:00 am – 5:30 pm
Friday: 7:00 am – 9:00 pm
Saturday: 7:00 am – 3:00 pm
CLOSED Sunday & Monday
*Selected Stalls
A new supermarket will be located on level one of the redevelopment providing a service offering for local residents, workers and visitors to support shopping needs. This will be further enhanced by a clustering of other day-to-day retail services, such as a bakery, butcher, chemist, and florist.
In addition to the supermarket, the expanded Adelaide Central Market will offer food, beverage, and speciality retail. This will showcase the very best in South Australian food and produce.
Construction of the Market Square development is estimated to be completed in early 2026.
The retail within the redevelopment will offer market activities, specialty retail and unique and exceptional food and wine offerings reflecting the best of South Australia, complementary to the Adelaide Central Market. The retail will focus on local and unique traders and produce.
Over 97% of the apartments have been sold including a component of affordable housing which were sold to eligible purchasers, meeting the State Government’s criteria pursuant to its HomeSeeker program.
In addition, ICD Property has applied the Homes for Homes program to market apartment sales. As part of this program, a percentage of the market apartments sale price is donated to helping deliver homes for those in need.
ICD Property and its building partner, Multiplex, as well as the City of Adelaide continues to work closely with the Adelaide Central Market Authority and other key stakeholders to minimise precinct impacts.
A range of precinct support measures have already been implemented including the delivery of UPark Andrew (providing 123 car park spaces), new on-street loading and precinct signage and wayfinding.
Key measures to be undertaken by the building partner during construction include:
- Liaising closely with key project stakeholders & neighbours
- Maintaining pedestrian access on Gouger and Grote Streets
- Installing acoustic rated hoardings to minimise noise transfer
Noise, vibration and dust will be managed in accordance with the development’s Construction Management Plan and Construction Environment and Management Plan and comply with all EPA regulations. The compiling of these documents occurs in consultation with City of Adelaide.
The building partner will establish and maintain effective environmental management systems to identify, eliminate, minimise or manage environmental risks to employees, industry stakeholders, the community and the environment.
Pedestrian access will be managed at Grote Street and Gouger Street prior to the main demolition works. Protection of the public will be provided using a combination of concrete barriers, access gates and zebra crossings along with DDA compliant temporary pathways.
UPark Central Market has nearly 1,000 car parking spaces available. During construction, 260 of these car parks will be temporarily removed and then reinstated upon project completion. It is anticipated that changes will be made to the internal circulation of the car park during the construction period. These interim changes will aim to minimise the impact on the car space usage to maintain business continuity.
The City of Adelaide has also established UPark Andrew opposite the Adelaide Central Market providing 123 parking spaces to support the market district during the Market Square development. UPark Grote Street provides further parking for shoppers visiting the market district during construction.
Vehicular access will be maintained on Grote Street and Gouger Street with suitable traffic management measures to be implemented.
New loading zones have been created at Grote Street and Gouger Street, with existing loading zones improved to facilitate Market trader loading.
Access into Central Market UPark has also been a point of focus with improvements made to traffic signalling on Gouger Street to enhance entry into the car park.
New loading zones have been created at Grote Street and Gouger Street with existing loading zones improved to facilitate precinct and Central Market trader loading. Trader loading will be separate from construction site loading.
Council has undertaken extensive community consultation and stakeholder engagement in the lead up to appointing ICD Property to undertake the redevelopment of the site.
Learn more about ideas and aspirations for the future of the market district as well as the Central Market Arcade community land revocation and redevelopment consultation that have informed the project.
Over the life of the project, engagement with stakeholders and the community will be ongoing.
Need more information?
If you have further questions about the development, contact City of Adelaide Project Manager, Matthew Rodda.