The City of Adelaide, through its property advisors JLL, invites suitably qualified and experienced developers to unlock the full potential of a key CBD site located in the geographic centre of South Australia’s capital city, Adelaide.
The 8,577sqm site which currently houses the Adelaide Central Market Arcade is situated between Adelaide’s iconic Central Market and Victoria Square, the focal point for major public events including the UCI Santos Tour Down Under cycle race and various festivals. The Central Market is the hub for fresh food and associated restaurants and food experiences in Adelaide and attracts some 8.5 million visitors annually.
It is envisaged that the redevelopment of the site will include retail and on-site car parking to replace the existing supermarket and retail shops, together with a net gain in public car parking to the precinct. This exciting opportunity provides the scope above basement, ground and first floors for developers to unlock significant air rights for the mixed-use development of multiple high rise towers that could include hospitality, hotels, tourism accommodation, student accommodation, commercial offices, education and other outcomes in this important centrally located precinct.
Welcome to the City of Adelaide, one of the most livable cities in the world today. The Central Market Arcade Redevelopment presents a once in a generation opportunity for a truly unique development in the heart of the City of Adelaide. This is an opportunity to underwrite the growth of the Market District for decades to follow.
– Martin Haese, Lord Mayor, City of Adelaide
Flagship 8,577sqm* mixed-use development site in the heart of the Adelaide CBD, fronting the iconic “high streets” of Gouger Street, Grote Street and connected to Victoria Square, Adelaide Central Market, Chinatown and the City.
Generational opportunity to integrate a world-class food and wine destination of international repute in one of Adelaide’s busiest retail precincts, with more some 8.5 million visitors annually.
Bold redevelopment vision for a diverse and integrated range of land uses that may include residential, tourism, education, commercial, car parking, and complementary uses at upper levels above active retail on the ground and lower floors.
Capital City Zone envisaging creative and iconic high-scale development that frames Victoria Square and increases ground level activity and the ability for developers to own the “air rights” with appropriately scaled tower elements.
Innovative commercial terms able to be considered to achieve the City of Adelaide’s desired outcomes for world-class retail outcomes and long-term returns from the project.
The Central Market Arcade Redevelopment is one of the most significant and strategically located CBD land holdings with the 8,577sqm site providing enormous development potential.
Functioning as both a busy retail centre and as part of an iconic South Australian tourism and leisure precinct, the Central Market Arcade’s Redevelopment presents an exciting opportunity to create a world-class development.
The City of Adelaide intends to retain the ground floor and basement retail together with public car parking providing the ability for developers to unlock and own the “air rights” by way of creative and iconic high-scale development.
More broadly, the Central Market Arcade Redevelopment forms part of a prominent retail and dining destination spanning the Adelaide Central Market, Market Plaza, Chinatown, Gouger Street and Grote Street. Development outcomes for the site are targeted to further develop and promote the Market District as the premier precinct showcasing the very best of South Australian food, produce, and wine.
Development proposals for the site will need to contribute to and support this desired world-class outcome and could include tourism accommodation, student accommodation, residential, educational, commercial, cultural and other complementary outcomes.
South Australian Overview
For investors and business, South Australia offers an economy benefiting from other recent major developments exceeding $100 billion in growth sectors such as urban development, infrastructure, defence, agriculture and food, aquaculture, health, biotechnology, mining and water management. This project pipeline is fuelling continued growth in the state’s economy. It also reflects a transformation to new economies and industries supporting innovation and entrepreneurialism.
The City Of Adelaide
Adelaide, South Australia’s capital city, is the 5th most livable city in the world, as consistently rated by The Economist. It is also a city with a bold ambition to achieve more. Adelaide is renowned for its arts, festivals, music, sport, universities, enviable climate, fresh produce and Park Lands. As the capital city of South Australia, the City of Adelaide is a city of unique experiences with a population of 1.26 million across greater metropolitan Adelaide.
The City of Adelaide has clearly defined goals to build on its reputation as a Smart, Green, Livable and Creative City that thrives on social and commercial innovation. The City of Adelaide has a global reputation for sustainability and digital technology. It is a city with goals for carbon neutrality and a fibre optic data network with unrivalled speed, bandwidth and security.
City of Adelaide Investment
Vision and Project Objectives
The Central Market Arcade Redevelopment will be a catalyst for enriching the city. It will help grow what’s best about the Adelaide Central Market and Market District, into a food and wine destination of international repute, as part of a thriving mixed-use place. A place that appeals to more people, more of the time. It will help achieve Council’s vision where “Adelaide is a welcoming and dynamic city full of rich and diverse experiences.”
Some of the potential outcomes of a redeveloped Central Market Arcade could include:
Residential, tourism, entertainment, education, commercial and supportive uses at upper levels above retail and active lower, ground and potentially basement floors
Improved street frontages and public, 24-hour ground level access between Gouger and Grote Streets with adjoining link to a prominent and inviting entrance from Victoria Square
Integrated smart technology and digital capability throughout the building, feeding services through the rest of the district
Retail, café, restaurants and day-to-day retail services for a growing CBD residential and workforce population
Creative, inspiring and iconic architecture and spaces that attract small scale events and community interaction.
Tourist information services and amenities alongside a showcase of South Australian food, produce, and culture
Rooftop activities and uses that take in prime city aspects over Victoria Square
Visitor accommodation, performing art space, cultural and entertainment uses