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Introduction
Heritage buildings form an integral part of Australia's social capital. There is growing acceptance within Australia that conserving heritage buildings provides significant economic, cultural and social benefits ([5] Bullen and Love, 2010). According to the Department of Environment and Heritage ([9] DEH, 2004) heritage buildings provide a valuable glimpse of the past and lend character to communities and therefore should be conserved for future generations. The integration of historic conservation with environmental concerns has become an innate feature of an agenda to support sustainability ([23] Stubbs, 2004; [5] Bullen and Love, 2010). As part of a wider revitalisation strategy to promote sustainability within the built environment, many buildings of cultural and historical significance are being adapted and reused rather than being subjected to demolition ([1] Ball, 1999; [9] DEH, 2004; [25] Wilkinson and Reed, 2008; [26] Wilkinson et al. , 2009; [4] Bullen and Love, 2009).
To date there has been limited research that has examined the economic benefits of heritage buildings ([5] Bullen and Love, 2010). As a result, the retention of heritage buildings are often viewed as being "investment sinkholes" with issues associated with social and environment sustainability being ignored. In Western Australia, for example, the [11] City of Perth (2011) has been advocating that significant financial savings and returns can be made from the adaptive reuse of historic buildings in an attempt to preserve the past for the future.
Adaptive reuse may help communities, governments and developers in the quest to reduce the environmental, social and economic costs of continued urban development and expansion ([1] Ball, 1999; [25] Wilkinson and Reed, 2008; [4] Bullen and Love, 2009). Adaptive reuse can transform heritage buildings into accessible and useable places as well as provide the added benefit of regenerating an area in a sustainable manner. Many cities have begun to realise that reusing heritage buildings is an important part of any regeneration programme ([1] Ball, 1999). Yet, many building owners and developers still regard the reuse of heritage buildings as being an unviable option as planning and building regulations may restrict their functioning ([5] Bullen and Love, 2010). In addressing this issue, the [21] Property Council of Australia (2005) has advocated that heritage regulations should require the retention of only the best and...