[Joel]

Perhaps you could target people in a high density/very high value street in Sydney with the intent of talking one of them into it.
I reckon if you could talk one of them into doing it then others in the street would follow if the economics were favourable. You could even try it with inner city business developments 
Classic path to riches, import a successful business model from overseas and introduce it locally.

I think the hardest part would be councils especially in areas that would want to spend the dollars to do it.
Places like Paddington and Surry Hills would be perfect but you can't even stop a truck for 20secs in the City of Sydney with out getting done.

But like you said it would only take 1 rich individual to become the pivotal changing point. Im sure the flood gates would open up.

Inner city business doesn't exist much in Sydney anymore any business that had some land has sold to a developer and cashed in and moved their business out West where the land is cheap and big lots.

[360c]

I think the hardest part would be councils especially in areas that would want to spend the dollars to do it.
Places like Paddington and Surry Hills would be perfect but you can't even stop a truck for 20secs in the City of Sydney with out getting done.

But like you said it would only take 1 rich individual to become the pivotal changing point. Im sure the flood gates would open up.

Inner city business doesn't exist much in Sydney anymore any business that had some land has sold to a developer and cashed in and moved their business out West where the land is cheap and big lots.

There must be some procedure in place for conventional renovations and building in those suburbs? Surely this would just be the same thing; but for potentially longer periods?

I am surprised about the lack of traditional business in inner Sydney; but I rarely go there these days. Melbourne has a (surprisingly) thriving business centre. Considering the expense of parking in the city and the numerous shopping alternatives elsewhere, that has always surprised me.

[mhh]

Looks like it's starting to happen in Oz. Joel, cut me in for 10% of every job for giving you the idea and we're all square. 

http://m.theaustralian.com.au/business/property/homeowners-digging-deep-for-value/story-fn9656lz-1227032258337

[360c]

Looks like it's starting to happen in Oz. Joel, cut me in for 10% of every job for giving you the idea and we're all square. 

http://m.theaustralian.com.au/business/property/homeowners-digging-deep-for-value/story-fn9656lz-1227032258337

Mr 10 %   

Seriously though, if I was in the building game I would be all over this.

My mate who lives in a street where the houses start at $6 million spent something like $250k on an underground wine cellar under his house about 10 years ago........... and it's not all that impressive. A real high end cellar must cost an absolute bomb.

[Joel]

There must be some procedure in place for conventional renovations and building in those suburbs? Surely this would just be the same thing; but for potentially longer periods?

I am surprised about the lack of traditional business in inner Sydney; but I rarely go there these days. Melbourne has a (surprisingly) thriving business centre. Considering the expense of parking in the city and the numerous shopping alternatives elsewhere, that has always surprised me.

Some of the Inner West boys might have a better idea then me, I'm just a poor rioter from the shire. I just know that our commercial side of the business is taking off with people buying factories off the plan that we are build in Kurnell due to the fact they got mega $$ for their inner city factory and kurnell is 1/3 the price and still relatively close.
So they still have a nice warehouse plus some $ for retirement or reinvestment.

[Joel]

Looks like it's starting to happen in Oz. Joel, cut me in for 10% of every job for giving you the idea and we're all square. 

http://m.theaustralian.com.au/business/property/homeowners-digging-deep-for-value/story-fn9656lz-1227032258337

What about you buy a place in an area in the city and we get the ball rolling and we go 50/50 on everything after ?

[dodger]

AMP slaps ban on loans to property investors as expert sees end to housing bubble

 

http://www.abc.net.au/news/2015-07-29/housing-market-close-to-peak-as-investor-limits-bite/6656000

[E7ITE]

Amazing garage in Toorak

http://news.domain.com.au/photogallery/domain/amazing-designs-astonishing-design-hidden-from-view-in-toorak-20150730-4066l.html?aggregate=&selectedImage=0

[JBO]

Amazing garage in Toorak

http://news.domain.com.au/photogallery/domain/amazing-designs-astonishing-design-hidden-from-view-in-toorak-20150730-4066l.html?aggregate=&selectedImage=0

That is the most badass garage in Australia!

[Fil-Ski]

http://m.news.domain.com.au/domain/real-estate-news/exclusive-adelaide-home-open-to-south-australian-sale-record-20150810-givmha.html