Revolving Fund: Policy and Launch
Heritage Works is Australia’s first dedicated heritage revolving fund with the aim of bringing publicly-owned heritage buildings back to active use.
The fund was established in May 2014 with an initial allocation of $4million over two years. Proceeds from the sale or lease of reactivated properties will be returned to the fund and reinvested in new projects.
The Heritage Works revolving fund is operated by the Heritage Council and the State Heritage Office.
The heritage revolving fund announcement was made by the Premier Colin Barnett and Heritage Minister Albert Jacob at the Warders’ Cottages in Fremantle, on 5th May 2014.
The Warders’ Cottages is the first beneficiary of the fund, with a special allocation of $2million over two years – a move welcomed by the City of Fremantle.
View the announcement made by the Premier Colin Barnett, Heritage Minister Albert Jacob, and Heritage Council Chair Marion Fulker. Read the joint media release by the Premier and the Heritage Minister. Read the City of Fremantle's media release.
Revolving funds for heritage preservation have been extensively employed in the United States and the United Kingdom since the 1970s, bridging a gap between heritage conservation and real estate. You can find out more information about revolving funds and preservation trusts through the United Kingdom Association of Building Preservation Trusts.
In 2005, a joint Taskforce of Commonwealth, State and Territory heritage officials produced Revolving Funds for Historic Heritage – An Information Paper that provides more information on the benefits of heritage revolving funds.
Revolving funds are also a successful vehicle for environmental goals, including nature conservation, water quality and energy efficiencies.
While revolving funds do exist for nature conservation in Australia, Western Australia is the first to establish a State Government-funded heritage revolving fund.
The performance of the Heritage Works revolving fund will be reviewed in two years to measure results in terms of heritage, financial and social outcomes.
Read more about how Heritage Works.