Multiplex appointed as builder for Market Square - the redevelopment of Adelaide’s Central Market Arcade
SOUTH AUSTRALIA, AUSTRALIA: Australia’s Multiplex has been appointed as the builder for Adelaide’s $400 million redevelopment of the Central Market Arcade, to be named Market Square.
Construction on the project, scheduled to commence 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.
“This is a major milestone for one of Adelaide’s most important projects” said Adelaide Lord Mayor Sandy Verschoor. “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.”
“As an Australian-established company with global experience and top green credentials, Multiplex was a perfect fit for Market Square,” said ICD Property Managing Director, Matt Khoo. “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.”
“We couldn’t be more thrilled to be joining this once in a lifetime project,” said Multiplex Regional Managing Director Graham Cottam. “We have proven experience with developments of this scale across the globe. We pride ourselves on delivering international best-practice, collaboration and maintaining a shared 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. “We are acutely aware of the potential impact on Traders and the community, and are working closely with the entire project team and ACMA to ensure this impact is minimal,” said Khoo.
“The Central Market is one of Adelaide’s most beloved destinations. It is our top priority to support Traders and the public, to be able to continue with business as usual during construction,” said Chair of the Adelaide Central Market Authority (ACMA), Theo Maras.
“We will be working very closely with Traders during construction, consistently seeking feedback and providing ongoing updates, to ensure their needs are met during this exciting time of growth.”
The project team is currently 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.
A notice to vacate was provided to Central Market Arcade Traders in late 2021 giving several months notice of the 2022 target construction date. The City of Adelaide has been offering ongoing support to Arcade Traders to help ease them through this transition and will continue to do so over the coming months.
Construction on Market Square includes 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 over 80% 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.
The development is projected to create over 1,000 much-needed construction jobs and create a $135 million boost to the South Australian economy. Once complete, annual precinct visitor numbers are forecast to rise by over a million, with the project also creating better access through Victoria Square, Grote Street and Gouger Street.