ICD Property selected as partner for $400m Central Market Arcade redevelopment

WCN Editorial Team 10 Dec 2019 EUROPE BUILDINGS

The City of Adelaide has selected Australian company ICD Property as the development partner for the $400m Central Market Arcade redevelopment project in South Australia.

For the project development, ICD Property will collaborate with architecture company Woods Bagot, global investor and joint venture partner Nanshan Singapore, and Australian property developer Sinclair Brook.

The City of Adelaide also revealed the concept designs for the Central Market Arcade Redevelopment, which is located adjacent to the iconic Adelaide Central Market

The design will integrate with the existing Adelaide Central Market by creating a continuous connection between the two neighbours. The design also reinstates the arches sympathetic to the former Grote Street façade.

The Central Market Arcade Redevelopment will feature a central hall, public rooftop garden, a child care centre, a hotel, apartments and offices.

The project will also feature publicly accessible spaces on the ground floor, podium roof terraces, and biodiverse roof terraces as a green hub for lifestyle experiences.

Construction on the project is scheduled to commence in 2021, and the project is expected to create approximately 337 jobs during the construction phase.

Adelaide Lord Mayor Sandy Verschoor said: “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.”

The City of Adelaide said it will continue to own and control 6,000m² of retail space, including market activities, speciality retail, supermarket, basement loading and 260 public car parking spaces, upon completion of the redevelopment.

Moreover, ICD Property will control upper storey complementary retail, ‘A’ grade office tower, a hotel, a 210-unit residential development, associated car parking, child care and public podium.

ICD Property, in collaboration with Woods Bagot, plans to move ahead with detailed design development the project for development approval.

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Image: Illustration of the Central Market Arcade redevelopment scheme in South Australia. Photo: courtesy of Woods Bagot.

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