ConstructionLeon Della BoscaSun 23 Nov 25
Market Square Tower Tops Out in Adelaide Central Revamp
Adelaide’s Market Square Tower has reached its peak height of 56m as the commercial office component of the $600-million Central Market precinct redevelopment completes.
The nine-storey Market Square Tower, designed by Woods Bagot and built by Multiplex, comprises 22,731sq m of office space across 2636sq m floorplates. Now that structural completion has been reached, the tower should be finished in the third quarter of 2026.
The building includes end-of-trip facilities and 36 secure basement carparking spots as well as 260 public parking spaces across levels two and three.
A 3000sq m elevated terrace and garden with moonlight cinema are also part of the mixed-use development.
The broader precinct will include a residential tower of 234 apartments, the Treehouse Hotel, a Coles supermarket and more than 11,000sq m of retail and dining space.
Multiplex SA manager Andrew Warren said the focus had shifted to interior fitout and public realm completion after the structural works.
Melbourne-based ICD Property is developing Market Square with the Adelaide City Council.
ICD Property chief executive Matt Khoo said the project was a significant urban renewal initiative for Adelaide.
“Market Square Tower is the commercial heart of a much larger story—a world-class precinct that connects people to the Central Market, the city and each other,” Khoo said.
1 of 3
South Australia’s planning minister Nick Champion said the development proved the capacity of mixed-use projects to transform urban centres, “creating over 1000 construction jobs, driving private investment and positioning South Australia at the forefront of sustainable, design-led urban renewal”.
Lord Mayor Jane Lomax-Smith said Market Square Tower would rank among the state’s most advanced office buildings.
“The Central Market has always been Adelaide’s meeting place,” Lomax-Smith said. “Market Square extends that legacy—from a place where people come to shop and eat, to now, a place where they can also live and work.”
Merricks Capital, the private credit subsidiary of ASX-listed Regal Partners, provided $400 million in debt funding for the project.
The financing followed Regal’s $75-million acquisition of the Mayfair Hotel this year, bringing the company’s South Australian investments beyond $800 million.
ICD Property listed the office block through CBRE via an expressions-of-interest campaign. Sources suggest the asset could attract offers exceeding $200 million.
