Contract to build $400m Market Square in Adelaide awarded to Multiplex

Construction on the $400 million redevelopment of Adelaide’s Central Market Arcade is set to begin in June of this year and Multiplex has been appointed to deliver the project. 

To be named Market Square, the expanded Adelaide Central Market will feature new retail spaces along with a seven-level A-grade commercial office tower that is complemented by an onsite childcare centre, luxury residences and an upscale hotel. 

“This is 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. 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,” Adelaide Lord Mayor Sandy Verschoor said. 

“We couldn’t be more thrilled to be joining this once in a lifetime project. We have 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,” Multiplex Regional Managing Director Graham Cottam said. 

According to ICD Property Managing Director Matt Khoo, Multiplex is the perfect fit for the redevelopment of the Central Market Arcade with its “global experience and top green credentials”. 

Mr Khoo added: “Utilising Multiplex’s experience in construction, I am confident Market Square will become a world-class destination in South Australia, and a game-changer for Adelaide.” 

Central Market Arcade will continue with business as usual while works are being carried out on the redevelopment project. 

Construction on the Central Market Arcade redevelopment is expected to take about three and a half years to complete, and the Adelaide Central Market Authority (ACMA) will ensure that the project will have minimal impact to Traders as well as the community. 

“We will be working very closely with Traders during construction, consistently seeking feedback and providing ongoing updates, to ensure their needs are met during this exciting time of growth,” Mr Khoo said. 

ACMA and the project team are working together to explore delivery options that will minimise disruptions to Central Market street frontages, which will include installing significant hoarding around the construction site to reduce dust and noise as well as marketing activities that encourage people to visit the market during the construction period. 

In late 2021, a notice to vacate the establishment was given to Central Market Arcade Traders, giving them several months’ notice prior to construction commencing. The City of Adelaide offers ongoing support to Traders, helping them ease through the transition. 

The Central Market Arcade redevelopment project is anticipated to create more than 1,000 much-needed jobs during its construction and providing a $135 million boost to the State economy. 

Once Market Square is completed, it is expected to attract over a million visitors, with improved access through Victoria Square, Grote Street and Gouger Street. 

Source: Multiplex; Build Australia; Market Square Adelaide; City of Adelaide