ICD Property, City of Adelaide Partner on $400m Central Market Arcade


A 35-storey tower spanning retail, commercial, residential and a hotel, form part of the City of Adelaide’s plans for a $400 million revamp of the Central Market Arcade.

Redevelopment plans of the CBD project, include the A-grade office tower, a 249-room hotel and up to 210 residential apartments, which include 15 per cent affordable housing.

City of Adelaide announced ICD Property as development partner on the CBD project, following a two-year long expression of interest process, touted to break ground in 2021, subject to approvals.

The announcement will see Melbourne-based ICD join forces with global investors Nanshan Singapore in a joint venture partnership on the project, alongside property development firm Sinclair Brook and Woods Bagot on the design.

▲ Redevelopment plans include an ‘A’ grade office tower, a 249 room hotel, and up to 210 residential apartments.
▲ Redevelopment plans include an ‘A’ grade office tower, a 249 room hotel, and up to 210 residential apartments.

ICD Property will now progress the process with Woods Bagot for development approval. The precinct also has plans to deliver a central hall, public rooftop garden, and childcare centre.

Lord mayor Sandy Verschoor said the council-led project, last developed in the 1960s, aims to create a food and wine destination.

“Building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets,” Verschoor said.

The City of Adelaide will retain ownership of 6,000sq m of retail space including market activities, specialty retail, supermarket, and 260 public car parking spaces.

While ICD Property will control the A-grade office tower, hotel, residential apartments and childcare.

In Melbourne, the developer appointed Hickory to construct its 65-level skyscraper known as Aspire, with a construction contract valued at around $180 million for the CBD based 'super tower'.

Last month, ICD Property won approval from the City of Sydney for stage one of the redevelopment of the City Tattersalls Club located at 194 - 204 Pitt Street.

Plans include a 49-storey tower which will comprise around 246 residential apartments and a 100-room hotel above the heritage Sydney CBD site.

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