The highly anticipated $400 million Market Square development is set to transform the Adelaide Central Market district, securing its future while expanding its offerings. This major redevelopment, a joint venture between the City of Adelaide and ICD Property, will integrate an expansion of the beloved market with a state-of-the-art commercial precinct, including retail spaces, offices, a premium hotel, residences, and activated public areas.
A Vision for the Future
The redevelopment stems from the 2015 strategy, Our Market District – The Right Ingredients for the Future, which underwent extensive community consultation. The focus was on revitalising the Central Market Arcade, situated east of the Adelaide Central Market between Grote and Gouger Streets. In 2018, the City of Adelaide regained ownership of the arcade, paving the way for this once-in-a-lifetime redevelopment opportunity.
Key Features of Market Square
Market Square will be a flagship mixed-use precinct of national significance, creating a vibrant social and commercial hub for Adelaide. Some of its highlights include:
- Expansion of the Adelaide Central Market, supporting specialty food and beverage, fresh produce, artisan vendors, and uniquely South Australian offerings.
- New retail spaces, including a supermarket on Level 1 alongside day-to-day essentials such as a bakery, butcher, chemist, and florist.
- 260 public car parks retained by the City of Adelaide, with enhanced loading and servicing facilities.
- A new Market Hall to host events and activities, enriching the market experience.
- Improved connectivity, with new pedestrian links between Grote and Gouger Streets and an urban laneway fostering art and culture.
- A 3,000m² public rooftop green space, offering recreational and community spaces.
- A world-class commercial tower, featuring 20,000m² of office space, a 248-room luxury hotel, 231 premium residences, and on-site childcare facilities.
Economic and Social Impact
The Market Square development is expected to provide significant economic benefits for Adelaide:
- An estimated $135 million boost to the South Australian economy.
- Creation of over 1,000 jobs during construction.
- An additional one million visitors annually, bringing total foot traffic to around 10 million visitors per year.
- A commercial hub supporting over 750 employees, contributing to the city’s business growth.
Construction Timeline
Site preparation work was completed in May 2023, with demolition commencing in June 2023. Construction is expected to be completed by early 2026.
Despite initial delays—caused by planning amendments that added two extra storeys and 21 apartments—the project is now well underway. The iconic Central Market will continue to operate throughout the construction period, ensuring minimal disruption for traders and visitors. To support accessibility, the City of Adelaide has implemented temporary solutions such as UPark Andrew, new on-street loading zones, and improved precinct wayfinding.
A Landmark Destination
Once completed, Market Square will redefine the Adelaide Central Market precinct, offering a dynamic mix of food, retail, business, and leisure. The development will include:
- Luxury residences, with a high demand already shown—98% of units sold within weeks of launch, including a $10 million penthouse attracting international interest.
- An elevated 3,000m² public terrace, providing stunning views and communal space.
- A thriving hospitality and retail hub, featuring a diverse range of restaurants, cafes, bars, and specialty shops.
ICD Property CEO Matthew Khoo described the project as a “transformative development for the city,” while Lord Mayor Dr. Jane Lomax-Smith highlighted the economic and social vibrancy it will bring to Adelaide.
The Future of Adelaide Central Market
With the redevelopment in full swing, the Adelaide Central Market will continue to be the heart of the precinct, offering more fresh food, artisan products, and South Australian specialties. The expansion will enhance its reputation as one of the world’s best food markets while introducing new opportunities for traders and visitors alike.
The Market Square development is more than just an upgrade—it’s a bold step forward for Adelaide’s future, ensuring the Central Market remains a thriving destination for generations to come.
