The console was upgraded, then when launched for the first time the "Open project" wizard started with the required information pre-populated.
When completing the wizard it said that it was extending the ADAM schema, then there was a pop-up error saying "Access denied".
This appears to occur because the delegated permissions (logged on credentials) apply only to the ADAM project instance, not to the entire ADAM schema.
Usually such issues can be resolved by logging on to the console machine with the credentials that were used originally to install ADAM and to create the ADAM partition.
After the schema is extended it is possible to log back on using the delegated credentials to continue using the tool.