Lord Mayor Sandy Verschoor announced ICD Property as the development partner for the iconic Central Market Arcade, a A$400 million redevelopment project led by the City of Adelaide.
The announcement comes following a two-year-long global expression of interest process led by Council that commenced in 2017.
Located adjacent to the iconic Adelaide Central Market, the Central Market Arcade Redevelopment will not only provide the opportunity to grow the retail offering, it will secure the future of the market district through a central hall, public rooftop garden, child care centre, hotel, apartments and offices.
The project is expected to break ground in 2021 and will create approximately 337 jobs during construction.
Once complete, the redevelopment is projected to attract an additional million people to the market district; building on the nine million currently visiting annually, while also creating better access through Victoria Square, Grote Street and Gouger Street.
Lord Mayor Sandy Verschoor said the redevelopment is a once-in-a-generation opportunity to grow and secure the future of the market district.
“The City of Adelaide is proud to announce the redevelopment of the Central Market Arcade. It provides a unique opportunity to build on what people already love about the market district – and make a great place even better,” said the Lord Mayor.
“Last developed in the 1960s, the redeveloped Central Market Arcade will have a stunning redbrick façade to complement the iconic Central Market exterior and will feature a structure of approximately 35 storeys that includes retail, commercial and residential areas.
“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.”
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 Central Market Arcade is a historic part of Adelaide and an integral part of the community and we look forward to delivering a highly considered and memorable project that will be enjoyed for decades to come,” said Mr Khoo.
ICD Property will partner with global investors Nanshan Singapore as its joint venture partner, alongside leading Australian property development firm Sinclair Brook and Adelaide-founded architecture firm, Woods Bagot.
“The project will seek to celebrate the rich cultural tapestry of the district and the heritage buildings, places and cultural attachment that have been created,” said Mr Khoo.
The City of Adelaide will retain ownership and control of 6,000sqm 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 (249 rooms), residential apartments (210 units with 15 per cent affordable housing), associated car parking, child care and public podium.
The City of Adelaide will work closely 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.