ICD sells slice of $400m Market Square
ICD Property has quietly agreed to sell a piece of its $400 million Market Square project – replacing the Adelaide Central Market – on Gouger and Grote streets.
The two level, 6000 square metre space, with a Coles, specialty stores and medical centre, will collect a speculated $45 million upon completion at the end of next year.
Local asset manager ICAM is the buyer.
The deal doesn’t include the Adelaide Central Market floor, replacing one established in the pocket 151 years ago, which will be managed by the Adelaide Central Market Authority after being bought by the City of Adelaide from private interests in 2018.
Council appointed ICD as partner just over five years ago; the redevelopment, which would allow high rise construction into the airspace, was then being promoted as the Central Market Arcade.
The project will also contain a nine storey office, part pre-committed to law firm Thomson Geer and the state government, 234 apartments, a TreeHouse Hotel and garden.
Market Square Retail
To be known as Market Square Retail, ICAM’s property will contain a dining space and medical centre.
A 1700 sqm Coles and Liquorland will occupy the top floor; this will see a return of for the group, which closed a store there three years ago.
There will be specialty stores too. Previously expected to focus on local produce, it is anticipated IMAC will aim for a different retail mix.
The purchase price will be based on a valuation upon completion.
ICD – as a minority partnership with Singapore’s First Sponsor Group – is also replacing Sydney’s City Tattersalls site.
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