Adelaide Central Market Arcade’s $10m penthouse buzz

Apartments are selling quick in the $400m redevelopment of the Adelaide Central Market Arcade – only eight remain, but one is expected to create global buzz.

Nearly all luxury apartments in the $400m redevelopment of the Adelaide Central Market Arcade have sold and its $10m penthouse has attracted strong interest from across the globe.

ICD Property chief executive Matt Khoo said interest in the project, Market Square, had been “phenomenal” and 201 out of 209 apartments had now sold off-the-plan.

“More than 96 per cent are now snapped up and an exclusive $10m penthouse is catching the eye of buyers around the world,” Mr Khoo said.

The largest of three penthouses is 935sq m and sits on the top floor of the 37-level residential tower. It features four bedrooms, three bathrooms and 300sq m of outdoor space.

Inside $10m luxury penthouse at Market Square.

“This is an extraordinary residence, the likes of which Adelaide has never seen before so we’re expecting interest from all over the world,” Mr Khoo said.

He said demand for space in the seven-level commercial building – SA’s first all-electric office – had also been “extremely positive with several negotiations under way”.

Mr Khoo said there would be an announcement “soon” on the development’s childcare and supermarket operators and its anchor office tenant.

The Borzillo family will swap their Hazelwood Park home for a two-bedroom, two-bathroom apartment and a one-bedroom apartment in the new building.

“An apartment would usually be the last thing I would consider buying. But these homes at Market Square – I’m a researcher, I work in the industry and know what projects are coming up, and nothing else in the city comes close,” Dario Borzillo said.

Darcy, Dario, Nichola and Nicholas Borzillo will trade their suburban home in leafy Hazelwood Park for a Market Square apartment. Picture: Brenton Edwards

The jointly funded project with Adelaide City Council includes expansion of the Central Market, which will remain open during the three-year construction period.

Lord Mayor Sandy Verschoor said the council supported the project as it would have enormous benefits for the city, including the creation of more than 1000 jobs.

“The development of around 20,000sq m of office space in a seven-level commercial tower also means there’s fantastic potential for increased activation of Adelaide’s CBD,” Ms Verschoor said.

Arcade tenants vacated the premise in June, which allowed developers to complete works on the Arcade link from Victoria Square and the courts precinct.

An artist impression of the $400m redevelopment of the Central Market Arcade Redevelopment, which will include residential, hotel, office accommodation and retail.

Work in progress on the Victoria Square link, between the Sir Samuel Way building and Hilton Hotel.

Power infrastructure works were now being undertaken to allow for the arcade’s demolition by the end of the year.

“We’re proud to stand behind this once-in-a-generation precinct that will generate more than $135m for the South Australian economy and support an additional one million visitors per year to the Central Market,” Mr Khoo said.

Five Central Market traders this week wrote to the council saying negative comments made by councillor Philp Martin in the media about the development gave the perception the market was difficult to access.

“Hail, rain or shine, my staff, family and I still show up to our stall and serve the South Australian community,” wrote Peter Pessios, owner of Central Market Flowers.