ADELAIDE City Council and ICD Property have unveiled a $400 million redevelopment of the Central Market Arcade that will create a 35-storey tower overlooking the iconic market and bring an extra one million visitors to the precinct each year.
Adjacent to the iconic Adelaide Central Market, the Arcade redevelopment introduce 8,000 sqm of specialty retail over two levels, central hall, public rooftop garden, childcare centre and offices as well as a tower with 249 hotel rooms, and 210 apartments.
Last developed in the 1960s, the Central Market Arcade will have a redbrick façade to complement the Central Market exterior. Council envisions better access will be created through Victoria Sq, Grote St and Gouger St. The market itself will be retained in its current form, which brings nine million visitors to the district annually.
The City of Adelaide will retain ownership and control of 6,000 sqm of retail space, including market activities, specialty retail, supermarket, basement loading and 260 public car parking spaces.
ICD Property will control upper story complementary retail, A grade office tower, hotel, apartments, associated car parking, childcare and public podium.
Lord Mayor Sandy Verschoor announced the Melbourne-based group as development partner following a two-year-long global expression of interest process led by Council.
ICD Property will partner with global investors Nanshan Singapore as its joint venture partner, alongside Australian property development firm Sinclair Brook and Adelaide-founded architects, Woods Bagot.
Nanshan Singapore is a diversified conglomerate with operations in å range of sectors and has recently expanded its presence into countries such as USA, Australia, Italy, Indonesia and Singapore.
The project is expected to break ground in 2021 and create about 337 jobs during construction.
Verschoor said the redevelopment is a once-in-a-generation opportunity to grow and secure the future of the market district.
“This Council-led project will create a food and wine destination of international repute; building on the Central Market’s importance as a South Australian icon and provide better connections to Victoria Square and the surrounding streets,” Verschoor said.
ICD Property managing director, Matt Khoo said it was an honour to be entrusted to redevelop such an important community asset such as the Central Market Arcade.
“The Adelaide Central Market Arcade has been a prominent community space for 150 years. What we intend to do is enhance the existing structure by restoring and protecting heritage items and building complementary new assets that will become new amenities for the community to enjoy,” he said.
The City of Adelaide will work with existing traders in Adelaide Central Market while construction takes place at the Market Arcade site. There will be a return of car parking and additional storage facilities for traders.
ICD Property will now progress detailed design development with Woods Bagot for development approval.