Adelaide Central Market faces revenue hit of $600,000 over carparking loss for huge development

Adelaide Central Market has long offered its first hour of carparking for free – but that’s going for most people. Take our poll.

The Adelaide Central Market is forecasting a revenue hit in excess of $600,000 due to the loss of carparking and will remove limited free parking for some visitors.

The Central Market UPark will lose 260 bays from October for the $400m Adelaide Central Market Arcade development.

The development will involve demolishing the existing building between the Central Market and Hilton Adelaide Hotel for a new food court, offices, apartments and hotel suites.

The Central Market’s 2021/22 budget predicts this will deliver a $606,000 blow to its finances.

From July, the Central Market will also scrap its free first-hour parking and impose a $2 parking fee for shoppers who are not members of the Market Lovers program, or do not hold UPark Plus memberships.

An artist impression of the Central Market Arcade Redevelopment, which will see an enhanced and expanded Central Market, residential homes, hotel, office accommodation and retail named Market Square.

The Central Market is however expecting carpark transactions to recover to 90 per cent of pre-COVID-19 activity.

It has forecast a $1.38m deficit next financial year – down from a projected $2.239m this year.

Removing the building between the Central Market and Hilton Adelaide hotel – occupied by a Coles supermarket and various shops – will allow for a construction of a 3000sq m rooftop terrace.

The Central Market will remain open throughout construction, which is expected to take almost four years while temporary parking will be provided on the site of the former Franklin Street bus depot.

The open-air area of the Central Market.

The joint venture between the Adelaide City Council and Melbourne-based company ICD Property includes expanding the market below two towers with offices, apartments and a boutique hotel.

ICD Property managing director Matthew Khoo said the terrace would be the largest elevated open-air green space in Adelaide directly connected to offices.

“The vision for the entire precinct footprint is to create an everything-on-your-doorstep neighbourhood,” he said.

“This includes a childcare centre on-site, which is a massive benefit to office workers or residents where choice is otherwise limited in the city.”

The project’s site works are expected to start later this year.