Plans lodged for $400m redevelopment of the Adelaide Central Market Arcade

Developers have lodged plans for a $400m overhaul of the Adelaide Central Market Arcade, including a 38-storey tower.

Render of the redeveloped Adelaide Central Market Arcade building from Gouger St. Picture: Supplied

The final design of the proposed $400m redevelopment of the Adelaide Central Market Arcade has been unveiled.

The project will be jointly funded by private developers ICD Property and the Adelaide City Council, with ratepayers contributing $28m.

Plans were lodged on Friday with the State Commission Assessment Panel for approval.

The development includes 11,172 sqm of retail space, a central hall, public rooftop, child care centre, a 38-storey tower containing a hotel and apartments and another tower with offices.

The council will retain ownership and control of 6000 sqm of retail space on the ground and first floor levels.

Displaced traders in the arcade have been promised support to relocate, with Angelakis Bros already moving to a new area in the Central Market.

The market will continue to operate during the three-year construction period, with work expected to start early next year.

Carparking will be reduced by the demolition of the existing building between Federation Hall and the rear of the Hilton Hotel.

ICD Property managing director Matthew Khoo said his project team was “acutely aware” of the “potential impact on traders and the community”.

“We are working closely with the entire project team and ACMA to keep the Market precinct open for business during construction,” he said.

“We encourage South Australians to continue to support the market and arcade traders during this time, and we will do everything in our power to make this as easy as possible.”

Render of the final design for the redevelopment Adelaide Central Market Arcade, from Grote St. Picture: Supplied

Mr Khoo said his team had been briefed to focus “on protecting the Central Market’s strengths and authentic Adelaide vibe while creating an elevated and thriving mixed-use precinct full of rich and diverse experiences”.

“Redeveloping such an important, city-shaping community asset will afford us the opportunity to further establish Adelaide’s market precinct as one of the world’s most unique and vibrant destinations,” he said.

“The Central Market offer as it stands won’t change, it will only be extended to provide a more diverse offer to visitors.”

Mr Khoo said another key component of the redevelopment was a 15,000sqm office building, which property company JLL would manage.

Lord Mayor Sandy Verschoor said the redevelopment was a “once-in-a-generation opportunity to grow and secure the future of what is already one of Adelaide’s most beloved precincts”.

“This incredible investment into Adelaide and South Australia will see the world-renowned Adelaide Central Market’s current offering extended to ensure the longevity and sustainability of one of our most iconic destinations,’’ she said.

Adelaide Central Market Authority chairman Theo Maras said the authority welcomed the redevelopment.

“More than just benefiting the state, this city shaping project will secure the long-term future of our market and provide opportunities for small business, the foundation of any traditional produce market,” he said.

“Our market has been at the heart of food and culture in South Australia for over 150 years and the market will continue to serve the community throughout the redevelopment and for decades to come.”

Mr Maras said the authority would “support and collaborate with our traders throughout all phases of the project”.

ICD Property partners in the project are property development company Sinclair Brook and Adelaide-founded architects Woods Bagot.