Recent research has found that vacant office buildings in Melbourne’s CBD have the potential to be transformed into apartments, leading to the creation of up to 12,000 new homes.
Conducted over the past few months, a comprehensive property audit of the city center has identified approximately 90 buildings that have the potential to be repurposed.
The study, conducted by architecture firm Hassell on behalf of the Property Council of Australia, found that subject to individual feasibility studies, approximately 86 office buildings are “ripe for adaptive reuse”.
Ingrid Bakker, the principal architect and leader of the case study at Hassell said the potential solution to reactivate the city offers a sustainable perspective for the future.
“We saw this as a big opportunity to work with the whole sector which is probably a bit flat at the moment given the occupancy situation in the city post COVID,” Ms Bakker said.
“There’s a bit of a radical rethink that needs to happen around looking at these buildings that obviously aren’t performing very well because a lot of them are empty.
“We are not saying that every office building in the city can be converted into residential but there are some that definitely can and we’re trying to demonstrate how,” she said.
The study focused on buildings constructed before 1990 since they are more likely to require upgrades and are often of a suitable scale for residential purposes.
Andrew Lowcock, the Deputy Executive Director of the Property Council in Victoria, said Melbourne’s CBD has experienced a demanding and transformative phase in recent years.
“As a result we’re seeing a lot of subprime office space remaining under-utilised,” he said.
“With the housing crisis putting significant strain on many Victorians, it’s important that government and the private sector examine innovative solutions. Adaptive reuse could, with the right policy settings, create new housing supply in locations where amenity, transport connections and jobs already exist.
“There is also a significant sustainability dividend to be gained from re-purposing vacant office space and turning it into desperately needed homes. It’s a win-win.”