Good heritage management can transform a project’s identity, boost buyer appeal, and increase site value; however, too often, developers still see it as red tape.

According to Ian Travers, CEO of Extent Heritage and former President of the Australian committee of the International Council on Monuments and Sites (ICOMOS), many property developers are yet to recognise the value of heritage to gain a competitive edge in an environment where authenticity sells, and a back story is everything.

A global heritage leader with a background in archaeology and an impressive portfolio of projects including the renewal of Melbourne’s Queen Victoria Market and the management of the Tasmanian Wilderness, Travers says developers can build tangible value from heritage properties.

“Too many developers are still overlooking the positive impact that recognising and celebrating heritage can have on a project, from building identity and value, to placemaking and even generating headline news. And the proof is already on show across the country,” he says.

For instance, heritage homes in Sydney’s Ku-ring-gai have fetched up to 12% more[1], while Victoria’s own modelling values protected heritage at $1.1 billion with $40 million in annual ongoing community benefits. Successful examples include Sydney’s Wynyard Station, where vintage wooden escalators were reimagined as public art[2], making headlines and winning awards[3], and the World Heritage-listed Fremantle Prison, whose adaptive reuse now fuels local tourism[4]. A heritage-listed Brisbane site was picked up last year by RetireAustralia for $16.65 million to develop a premium retirement community[5].

Cultural heritage, Travers emphasises, goes beyond compliance and should be seen as an opportunity rather than the cost of doing business.

“Treat heritage as a design brief, not a barrier. When you do, projects win awards, earn media attention and build places people value and actively choose.”

Ipswich Railway Workshops (2).jpg — *The heritage-listed Ipswich Railway Workshops*

Five strategies to turn heritage into buyer appeal:

1. Build it into the design, not onto the wall

Retained fabric in adaptive reuse projects can become a hero feature, as seen at London’s Tate Modern[6], where existing industrial elements were used to create a dramatic centrepiece and the original brick facade, smokestack and structural form were woven into the modern museum’s identity. Closer home, Sydney’s Goods Line integrates old rail lines, platforms and materials into a new contemporary public walkway.

2. Use a Heritage Management Plan as your roadmap

A robust heritage management plan defines what matters, what’s possible and how to stage works efficiently. Extent Heritage has worked closely with the City of Yarra to develop a long-term strategy that protects heritage values and supports sustainable growth into 2030 and beyond, offering developers and planners a framework to guide decisions, avoid delays and align heritage with future growth.[7]

3. Tell the story digitally

Modern interpretation methods such as AR/VR, microsites and 3D environments make history alive and accessible to buyers and communities.[8] Extent Heritage’s archival record of the heritage-listed Ipswich Railway Workshops not only captured the complex’s industrial structures and heritage artefacts, but also delivered a record for future interpretation and storytelling.[9] In the US, Colonial Williamsburg’s 360-degree virtual tours prove how immersive storytelling can preserve heritage beyond the site by allowing people to experience the history from anywhere in the world.[10]

4. Co-design with community and Traditional Owners

Engaging Aboriginal Traditional Owners and locals early uncovers living histories missed by desktop research. It boosts authenticity of the place, ensures accurate interpretation, builds trust, reduces risk, and creates partnerships for ongoing programming, stewardship and local jobs.

5. Signal premium with character

Buyers value authenticity. By leading with the hero element in the design, developers can thread the story throughout, and by respecting significant original fabric, they can protect key heritage values in a way that shows visible stewardship while signalling quality and potentially supporting premium pricing.

“By flipping the script, bringing the history in early and weaving it through the design, branding and public realm, developers can not only smooth approvals, but build trust and lift buyer appeal. On the other side of the coin, when appropriately managed, a project that ensures economic viability for a place is often the best way to ensure its heritage values endure.”

References:

[1] https://www.act.gov.au/__data/assets/pdf_file/0017/2608100/impact-of-heritage-listing-on-residential-property-values.pdf

[2] https://www.transport.nsw.gov.au/projects/community-engagement/sydney-trains-community/documentaries/escalation-sensation

[3] https://www.coxarchitecture.com.au/perspective/interloop-wins-inaugural-outstanding-project-of-the-year-at-nsw-heritage-awards/#:~:text=Accolades-,Interloop Wins Inaugural Outstanding Project of the Year at NSW,at Cox congratulate them both.

[4] https://www.extentheritage.com.au/project-gallery/fremantle-prison-western-australia-heritage-management-plan

[5] https://overthewaltertaylorbridge.com.au/retireaustralia-buys-former-beth-eden-village-in-graceville-for-16-65m/

[6] https://www.tate.org.uk/visit/tate-modern

[7] https://www.extentheritage.com.au/project-gallery/city-of-yarra-heritage-strategy-2019-2030

[8] https://qvm.com.au/hiddenstories

[9] https://www.extentheritage.com.au/project-gallery/north-ipswich-railway-workshops-3d-geospatial-digital-preservation

[10] https://www.colonialwilliamsburg.org/discover/resource-hub/virtual-tours/

Images: The heritage-listed Ipswich Railway Workshops (Supplied)

Architecture News & Editorial Desk

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