A topping out ceremony was held for Market Square Tower with special guests Minister for Planning Nick Champion, Lord Mayor of City of Adelaide Dr Jane Lomax-Smith, along with leaders from project partners Adelaide Central Market Authority, developers ICD Property, builders Multiplex, and Woods Bagot.

The nine-level tower reached its maximum height of 56 metres with the Gouger Street structure now completed. Project partners gathered onsite to mark the achievement, placing the ceremonial topping-out tree on the building’s highest point.

Lord Mayor Jane Lomax-Smith said the project showcases what can be achieved through productive collaboration between public and private sectors.

“Market Square Tower will be one of the most advanced office buildings in the state and a symbol of confidence in Adelaide’s economy,” says Lomax Smith. “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. It’s about creating a dynamic precinct that strengthens Adelaide’s reputation as a business and cultural destination.”

Hon. Nick Champion added the project milestone reflects greater investment in dynamic, public-facing developments that activate the city and draw in community.

“Market Square isn’t just a building – it’s a blueprint for how mixed-use development can activate and transform our cities,” says Champion. “It’s creating over 1,000 construction jobs, driving private investment and positioning South Australia at the forefront of sustainable, design-led urban renewal.”

Once complete, the Market Square Tower will deliver 22,731 square metres of flexible, A-grade workspace. Running on 100 percent electricity, the tower is targeting 6-star Green Star rating, 5.5-Star NABERS Energy and Gold WELL ratings.

The tower is part of the wider $600-million Market Square development, which is set to double the size of the existing Central Market. At 106,000 square metres, it is one of the largest commercial property projects ever undertaken in South Australia.

Redevelopment of the market precinct includes recreating the iconic arches of the eastern portion of the Federal Hall façade that were demolished in the 1960s. This involves the use of 250,000 hand-laid bricks in a traditional stretcher bond, colour-matched to the adjacent Federal Hall. Forty bricklayers have been on site during the process, together constructing 42 external brick archways and a three-storey central atrium featuring eight additional arches.

Woods Bagot Principal Alex Hall says the reinstatement of the original design details is a way of honouring the site’s heritage and continuing the legacy of the iconic Adelaide landmark.

“We tried to emulate as much of the detail as possible while bringing the precinct into a contemporary context,” says Hall. “Our design process started with a simple acknowledgement that the Adelaide Market is already an example of world class public realm. Our goal is to blend traditional craftsmanship with modern construction methodology, creating a fine-grain experience that builds on the historic market precinct with free and accessible spaces for the City of Adelaide.”

The completed precinct will include the nine-storey office tower, a 40-storey hotel and apartment tower, and podium retail spaces, due to be finished in 2026.

The market precinct is one project in a handful of significant investment in the central Adelaide area, with this milestone coinciding with the official opening of Eighty Eight O’Connell Street and planning approval for a new student accommodation tower in Twin Street.

The Market Square Tower is anticipated to open in the third quarter of 2026.  

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