This award recognises innovation excellence in heritage related development or adaptive reuse projects. The award recognises outstanding conservation projects, adaptive reuse of existing buildings/sites or high-quality infill development within a historic context.

Eligible heritage projects must be listed on a local, state or national or world heritage register. Projects involving the renewal of historic precincts that are listed or contain listed buildings are also eligible.

Eligible entrants will be projects, developments or refurbishments that have been completed by 31 December 2022 (completed in the past 5 years) and have been operating for at least one year as at 31 December 2023 and have not previously won the award.

The award is open to members of the Property Council of Australia only. The nominator or owner of the entry must be the member.