A US$300m development of Adelaide’s Central Market arcade has been approved by South Australia’s State Commission Assessment Panel.

The renovated Central Market will contain a 15,000 sq m, seven-floor office building for 750 staff, residential, retail and hotel space and an “elevated garden retreat”.

Real estate firm ICD Property is working with developer Sinclair Brook and architect Woods Bagot on the project.

ICD Property predicts an extra million people will visit the project once it is open, that 1,000 jobs will be created during construction and that Market Square.

Sandy Verschoor, Adelaide’s Lord Mayor, : “This investment provides a unique opportunity to build on what people already love about the market district.

“We are excited to be part of ICD Property’s Adelaide’s flagship development, Market Square, building on the Central Market’s importance as a South Australian icon, and provide better connections to Victoria Square and the surrounding streets.”

Demolition and construction will begin in 2021 with the project due to be completed in 2024.