Monday, February 26, 2024

Adelaide $400m Market Square works date locked in

Major works on the City of Adelaide Council’s $400 million Market Square project will commence in June, following Council’s support of changes to the project’s design.

ICD Property and Council last week re-affirmed their commitment to deliver the Market Square project and Adelaide Central Market expansion.

Market Square – a project of national significance showcasing South Australian produce through the expanded Market – will feature design changes resulting from the design process including:

  • Relocation of residential car parks to the basement to improve car park access;
  • Increased loading zones within the basement to support traders;
  • A lowering of the podium rooftop space from level 5 to level 4;
  • An increase in the commercial office space to now offer some 20,000m2 and an additional 21 apartments with the overall height of Grote Street tower to increase by two storeys;
  • The introduction of retail balconies on the Grote Street façade.

Council’s updated project budget is $31.92 million (plus GST), $9.3 million more than originally planned, and incorporates design improvements to ensure a seamless Market expansion which is future-proofed with improved servicing and amenities.

Lord Mayor, Jane Lomax-Smith said it was pleasing the start date for work had been locked in for a project that is set to deliver a $135 million boost to the South Australian economy.

“While there is a further financial contribution from Council, it is not unusual given the challenges facing the construction sector globally, and Council’s contribution reflects the increased costs in the sector,” said the Lord Mayor.

“I am also encouraged to see the escalation in costs has been limited, when we are currently seeing construction costs in general rising by more than 20%.”

ICD Property CEO Matt Khoo said every effort has been made to protect the city-shaping project from the present challenges affecting the global markets.

“We are thrilled to be partnering with the City of Adelaide to deliver this transformative development that will be a true source of local pride and a must- visit tourist destination,” said Mr Khoo.

“It’s no secret there is immense pressure on the construction industry right around the world, but we are pleased to have been able to safeguard Market Square from the worst of it and we look forward to seeing works kick off in the coming months.

“Adelaide is a fantastic city with a bright future and we couldn’t be more proud to be contributing to its success.”

Adelaide Central Market Chair, Theo Maras said the project will deliver great results for Market traders.

“I have been coming to the Adelaide Central Market since the 1950s and this is truly a one in a hundred-year opportunity to expand our iconic Market and ensure its future in the hearts and minds of the next generation of South Australians and all who do business and visit here,” said Mr Maras.

Learn more about Market Square.

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