Builder named for $400m Central Market Arcade redevelopment
Multiplex has been given the job of building the Central Market Arcade redevelopment which will include 210 apartments and a hotel, with work set to begin in June.
A 38-storey tower, hotel and 210 apartments are planned for the Central Market Arcade site. Image: ICD Property
The project will also feature new retail spaces and a seven storey commercial office tower.
Adelaide Lord Mayor Sandy Verschoor declared the appointment a major milestone for “one of Adelaide’s most important projects”.
“We are very proud to be working alongside project partner ICD Property, as well as the Central Market, the Adelaide Central Market Authority – and now Multiplex – to bring this project to life,” she said.
“Market Square will generate a welcome boost for the economy and celebrate the best of South Australia creating a new cultural precinct for us to work, play, and visit.”
Image: ICD Property
Multiplex was established in Australia in 1962 and is owned by US-based Brookfield Asset Management.
Last year Multiplex was appointed to construct a $300 million commercial office development at 83 Pirie Street in Adelaide’s CBD. It also recently completed a major upgrade at Burnside Village Shopping Centre.
Multiplex Regional Managing Director Graham Cottam said the construction company had the proven experience with developments of this scale across the globe.
“We pride ourselves on delivering international best-practice, collaboration and maintaining a shared focus with clients and the communities they serve,” he said.
A notice to vacate was provided to Central Market Arcade traders in late 2021 ahead of the 2022 target construction date.
But some traders in late January told InDaily they were battling to survive the pandemic hit to retailing and Adelaide’s Omicron surge and feared they would not survive until June, let alone be able to afford to relocate.
Market Square residential sales kicked-off in late 2021 and have reached more than 80 per cent sold.
It has been designed by architecture firm Woods Bagot.
Adelaide Central Market Authority (ACMA) chair Theo Maras said it was ACMA’s top priority to support traders and customers to continue with business as usual during construction.
“We are taking all the necessary steps and precautions to ensure disruption to trading is minimised and we will continue to work closely with Traders during construction, to ensure their business needs are met and we continue to service the community during this exciting time of growth,” he said.