IntroductionHeritage buildings form an integral part of the Australian culture and history; many of these buildings have a great cultural value. The concepts of the benefit of heritage properties will be reviewed from stakeholders view perspective to produce recommendations to enable the preparation and assessment of the economic and investor information for the development of applications involving heritage properties as well as heritage conservation areas (HCA's) in a standardized, akin and simply explicable manner. So as to maintain a wide scope of research; the study will discus both commercial and residential buildings in New South Wales, Australia. Research ObjectiveThe objective of this research is to analyze the impact of heritage to the property market and the property development in New South Wales Australia.
The paper will begin by looking at the economic and social benefits of heritage properties. Research thesis and hypothesisThe thesis of this research is that, the cost of restoring heritage is not necessarily greater than the cost of renovation. The paper hypothesizes that, heritage listings positively impact property market and the property development in New South Wales Australia. The emerging role of public/private partnerships in conserving heritage property is a positive trend that may possibly increase the value of heritage in the future.
In order to achieve the research objectives, the study will try to explore literature in an attempt to separate the facts from the myths that surround the true economic impacts of heritage listings on commercial properties, as they exist in New South Wales Australia. Research Methodology The study employs a literature review approach with a relative use of a few case studies. The concepts and cases are selected with an aim of providing a general view of the commercial property circumstances, including those that had been the subject of current main redevelopment schemes, as well as other non-major or standing investments examples.
It was assumed that the selected properties would, by their natural history, be adequately comparable and similar in thematic terms in serving the purpose of yielding readily usable applications for stakeholders including heritage managers, property development firms, and property investors among others who operate in the Australian urban heritage and economic environments within the boundaries of New South Wales. The restrictions and mitigating factors on development under the Heritage Act 1977Heritage as defined in terms of natural, cultural and built is protected in NSW by the Heritage Act 1977 (Heritage Act 1977 139(1)).
Under the Act, heritage items and places are subject to listing in the State Heritage Register. In addition, interim heritage orders are to be made, as deemed necessary, to protect heritage items or places. This means that before any work can be done to modify or demolish heritage items or places, approval must be obtained from the Heritage Council or local council.
Under the Heritage Act 1977, specifically protected: Environmental heritage in NSW; Listing of heritage items or places on the State Heritage Register; Issuing of Interim heritage orders; and Emergency orders; Archaeological excavations also require a permit, specifically when they are meant to discover, expose, damage, destroy or move a relic; andHistoric shipwrecks.