New milestone reached for Central Market development
The commercial office building portion of the Market Square development has topped out today in the latest milestone for the $600 million precinct. Meanwhile, a new masterplan for the outskirts of the city has been unveiled. See the pictures.
The six green star energy rated nine-level tower on Gouger Street has been structurally completed, reaching its height of about 56 metres.
Developer of Market Square, ICD Property in partnership with the Adelaide City Council, on Monday announced the soaring commercial office tower, expected to open in the third quarter of 2026, has already leased more than half of its 22,731 square metre space to tenants, including the state government and Thomson Geer Lawyers.
The tower neighbours SH Hotels and Resorts Treehouse Hotel, that building was expected to reach about 173 metres in height and included 234 luxury residences, more than 11,000 square metres of retail and dining with anchor tenant Coles and a 3000 square metre terrace with a moonlight cinema.
The milestone for the market square development was marked by Planning Minister Nick Champion, Lord Mayor Jane Lomax-Smith, Adelaide Central Market Authority Chair Theo Maras, ICD Property CEO Matthew Khoo and Multiplex state manager Andrew Warren at a Monday afternoon event.
Lomax-Smith said the tower “will be one of the most advanced office buildings in the state and a symbol of confidence in Adelaide’s economy”.
“The Central Market has always been Adelaide’s meeting place. 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,” she said.
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“It’s about creating a dynamic precinct that strengthens Adelaide’s reputation as a business and cultural destination.”
Champion said the development, that would include 36 secure basement car parks, plus 260 public spaces on levels two and three, was “a blueprint for how mixed-use development can activate and transform our cities”.
“It’s creating over 1,000 construction jobs, driving private investment and positioning South Australia at the forefront of sustainable, design-led urban renewal,” he said.
Work began on Market Square in 2023, with Central Market Arcade demolished to make way for a 39-storey tower, new retail spaces, apartments, the hotel and a $10 million penthouse.
Work was originally meant to start in 2021, but the project was hit with a series of delays, including obtaining planning approval for additions to the project.
Clean sods for Brompton housing
Another building development master plan on the city’s outskirts was unveiled today in Brompton with 800 houses headed for the old Gasworks site.
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After one of South Australia’s most complex soil remediation projects wrapped up, a new MAB and state government masterplan for the Brompton Gasworks revealed how they hoped the site would become a new neighbourhood for about 2000 residents.
Affordable housing was slated for 15 per cent of the 800 homes on the site, alongside a hotel, employment hub and retail spaces.
The state government’s Renewal SA, in partnership with developer MAB, revealed their masterplan for the $800 million project that they said would support about 190 construction jobs annually over 12 years.
Important heritage features from the former gasworks, including the Chief Street wall, the 1879 historic retort house and other significant structures, would be restored and integrated into the redeveloped suburb.
The site is known for its gas production, which began in 1863. To remediate the site to make it housing-safe, the government and MAB used cutting-edge techniques to excavate and treat contaminated soil, including a 5000 square metre remediation tent.
Premier Peter Malinauskas said the project was “a powerful demonstration of what can be achieved when the government and private sector come together to shape South Australia’s future”.
“Through visionary planning and the difficult work undertaken to make the land safe, this site is now unlocked for housing and the jobs that building this community will need,” he said.
“The charm of Brompton and the legacy of the Gasworks will be preserved as this new neighbourhood takes shape.”
The first release of homes at the Brompton site was expected by late 2025, with 39 townhouses, and then 112 Nightingale apartments with 50 per cent affordable housing, was expected to be on sale in 2026.
