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.

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.