Multiplex has been appointed as the builder for Adelaide’s $400 million redevelopment of the Central Market Arcade, to be named Market Square.
Construction of the project, scheduled to start in June 2022, will see an expansion of the Adelaide Central Market alongside the addition of new retail, a seven-level A-grade commercial office tower complemented by an onsite childcare centre, luxury residences, and an upscale hotel.
Adelaide Lord Mayor Sandy Verschoor said this was a major milestone for one of Adelaide’s most important projects.
She said: “We are very proud to be working alongside project partner ICD Property, as well as the Central Market, the Adelaide Central Market Authority – and now Multiplex – to bring this project to life.
“Market Square will generate a welcome boost for the economy and celebrate the best of South Australia creating a new cultural precinct for us to work, play, and visit.”
ICD Property managing director Matt Khoo said as an Australian-established company with global experience and top green credentials, Multiplex was a perfect fit for Market Square.
He added: “Utilising Multiplex’s experience in construction, I am confident Market Square will become a world-class destination in South Australia, and a game-changer for Adelaide.”
Multiplex regional managing director Graham Cottam said the company couldn’t be more thrilled to be joining this once in a lifetime project.
He said: “We have proven experience with developments of this scale across the globe.
“We pride ourselves on delivering international best-practice, collaboration, and maintaining a shard focus with clients and the communities they serve.”
Maintaining business as usual at the Central Market will be a major focus for the whole project team throughout the entirety of construction, expected to take roughly three and a half years.
Adelaide Central Market Authority chair Theo Maras said the Central Market was one of Adelaide’s most beloved destinations.
He continued: “It is our top priority to support our traders and customers to continue with business as usual during construction.
“We are taking all the necessary steps and precautions to ensure disruption to trading is minimised and we will continue to work closely with traders during construction to ensure their business needs are met and we continue to service the community during this exciting time of growth.”
The project team is exploring options with ACMA including uninterrupted Central Market street frontages during construction, installing significant hoarding around the construction site to reduce noise and dust, and marketing activities to encourage visitors to the market during the construction period.
Construction plans comprise a seven-level A-grade office tower, 210 luxury residences including Adelaide’s most expensive penthouse listed at $10 million, new retail featuring the best of South Australian makers and purveyors, an upscale hotel, a childcare, event spaces, and 3,500 square metres of elevated green space in the form of a rooftop terrace – all set in the heart of the city.
Market Square residential sales kicked-off in late 2021 and reached more than 80 per cent sold within weeks, making it the fastest-selling project of its size in Adelaide and speaking to unprecedented interest in the project.
Renowned global firm Woods Bagot is the architect behind Market Square.
