In a significant milestone for Adelaide, leading Australian property developers, ICD Property, are delivering a $400m redevelopment upgrade of the Central Market Arcade, known as Market Square.
Located adjacent to the iconic Adelaide Central Market, Market Square is a joint venture project between ICD Property and the City of Adelaide. A catalytic investment in the city is expected to boost the economy by over $135M and create over 1,000 new jobs. The development will comprise an 8,500 sqm precinct footprint, a seven-storey A-grade office tower totalling 20,000 sqm. The new seven-storey A-grade office tower building will be constructed boasting exemplary green credentials furthering ICD’s mission to inspire more sustainable development across Australia.
ICD’s Market Square office tower will be certified 6-star Green Star, ousting fossil fuels in favour of renewable energy sources as a move towards a greener economy in the development sphere,
The commitment to go all-electric for the base commercial building is a significant step towards a greener economy for the state. It complements Adelaide’s ambition to be Australia’s first entirely carbon-neutral city.
The 20,000 sqm commercial development will also feature other unique earth-friendly initiatives like rooftop solar, rainwater capture for irrigation, use of locally sourced recovered materials, and waste minimisation.
“We are very proud of this significant green milestone,” said a City of Adelaide representative. “We all know the journey towards a green economy is not quick, but in Adelaide, we are making real progress thanks to commitments like this. We are thrilled that Market Square is enabling us to deliver one of the first all-electric buildings in South Australia. Market Square will be a major asset to other industry leaders seeking a new workplace aligned with their values. We can all work together to build a better, greener future.”
“Our vision has always been to create a human-centric and sustainable workplace at Market Square,” said ICD Property Managing Director Matt Khoo.
“There is no question this requires a bigger upfront investment, but for us, it was non-negotiable. Renewable energies are the way of the future. As a developer, we recognise our responsibility to influence tangible change in Australia’s landscape by future-proofing all our projects with best-in-class sustainable practices. Which is something we are looking to implement across our entire portfolio. Market Square’s all-electric office build is one example of how we hope to push towards greener sustainability practices in the development industry. Aside from the obvious benefits to the community and environment, there are also flow-on effects to tenants who will receive significant savings through lower ongoing operational costs. Something that is becoming a bigger draw for today’s business leaders.”
Market Square will incorporate luxury residences, offices, a public elevated green space and a hotel, as well as the expansion of Adelaide Central Market – featuring new speciality retail celebrating the best of South Australian food, wine and produce.
The redevelopment will replace the Central Market Arcade, which spans from the Adelaide Central Market to Victoria Square, with new connections through Grote and Gouger streets.
Intended to become a world-class architectural vision for Market Square sets a new benchmark for design in South Australia, led by renowned global architect Woods Bagot.
Upon completion, the development is projected to attract an additional one million people to the district annually, adding to the nine million current visitations.
“Our vision has always been to create a human-centric and sustainable workplace at Market Square,”
Matt Khoo, ICD Property Managing Director
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