Transforming an Office Block: Highgate Tower, Sydney, Australia

The capital value of Sydney's building stock in October 1992 had fallen to approximately 50% of its value in 1988. This overall decline was in contrast to the performance of mid-rise residential units, which had preserved their 1988 capital value over that same period of time. Mid-rise residential properties were thus an attractive investment, and an economical entry into this market could be achieved by converting relatively inexpensive office building stock to residential use. A proposal was formulated whereby an existing 17 storey office building could simultaneously have its facade removed and replaced by balconies, the interiors fitted out as luxury apartments and ten new terraced storeys added to the top of the structural frame.