Heritage Floor Space sale incentivises heritage conservation

Today, Property NSW announced the sale of 8,541 square metres of unused development potential, known as Heritage Floor Space (HFS) rights, for circa $11.7 million (excluding GST), on behalf of Fire & Rescue NSW.

The HFS rights were awarded for the Metropolitan Fire Brigade building at 211-217 Castlereagh Street, Sydney, following extensive heritage preservation works on the four-storey building, undertaken by its owner, Fire & Rescue NSW. The Metropolitan Fire Brigade building was built in the 1880s and was one of the earliest CBD fire stations.

CEO of Property NSW, Brett Newman, said the HFS scheme provided building owners – including the Government – with important additional funds for heritage preservation as well as for improving frontline service delivery. 

“Heritage Floor Space rights are a reward for building owners who have placed a premium on preserving and maintaining their heritage assets, as Fire & Rescue NSW have done with the Metropolitan Fire Brigade building,” Mr Newman said.

“That investment means they can now benefit from the sale of the HFS rights, generating significant funding to reinvest back into service delivery.”

Under the HFS scheme, heritage building owners who complete approved conservation works can apply to the City of Sydney to be granted HFS rights.

If approved, the owners, can then sell the HFS rights – which reflect their unused development potential – for use on an approved development application within Central Sydney.

“The HFS scheme serves the dual benefit of ensuring our heritage assets are preserved, and progressing key developments within Central Sydney,” Mr Newman said.

The HFS was previously restricted to owners of private buildings and Government buildings on long term lease to the private sector. However, in mid-2015 the City of Sydney expanded the program to include Government agencies.

Read more about the HFS scheme at this link: http://www.cityofsydney.nsw.gov.au/development/application-guide/heritage-conservation/heritage-floor-space-scheme

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