With the vast real estate boom affecting so many of Australia’s cities, many owners of old, dilapidated properties have found themselves sitting on literal gold mines. While they could sell these old stinkers and have done with it, that would leave a lot of the gravy sitting on the new owner’s plate.
Instead, many building owners have elected to repurpose buildings Sydney no longer has much use for into something infinitely more desirable to newer buyers. Since it is much less expensive to repurpose rather than raze a structure and start fresh, this process is much more profitable and efficient than starting on a clean sheet of paper. There is less paperwork and licensing requirements, and it requires much less capital and time to achieve very similar results. It’s like Cinderella for the housing and commercial building market. Wave that magic wand and make an old eyesore disappear, then off to the bank we go.
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