1 INTRODUCTION Values are critical to the notion of cultural heritage; values give some things significance over others and thereby transform some objects and places into ‘heritage’. The question of values is the key issue in modern conservation (Jokilehto, 1999). According to Clark (2006), value is at the very centre of heritage conservation practice (Clark, 2006), and understanding the heritage significance and values of a place is the basis for making decisions about its management. De- veloped in the Burra Charter (Australia ICOMOS, 1999), this values-centred approach underlies the theory and practice of conservation in Australia, and its application has become accepted more widely. The concept of heritage is an area of conflict and contestation, as there are different views on what constitutes heritage and what is worth conserving (Graham et al., 2000; ICCROM, 2010; Avrami et al., 2000; Loulanski, 2006; Gibson and Pendlebury, 2009). Different people have dif- ferent ideas of what is heritage—depending on an individual’s background, previous experi- ence, philosophy of life, and culture (Aplin, 2004). Therefore, what constitutes heritage is sub- jective. Borrowed from property handed down by individuals and families from generation to generation, the definition of heritage has acquired a wider usage to include inherited customs, Reinterpreting the value of built heritage for sustainable development Paula Judson School of Property, Construction and Project Management, RMIT University, Melbourne, Victoria, Australia Heritage Victoria, Melbourne, Victoria, Australia Usha Iyer-Raniga School of Property, Construction and Project Management, RMIT University, Melbourne, Victoria, Australia Centre for Design, RMIT University, Melbourne, Australian ABSTRACT: To date efforts towards promoting sustainable development in the built environ- ment have been directed largely at new buildings. However, there is growing recognition of the need to understand the value of the existing building stock and its contribution to the broader dimensions of sustainable development. The concept of value lies at the very centre of cultural heritage conservation theory and practice in Australia. This paper focuses on built heritage, drawing on existing literature to examine the multivalent nature of heritage buildings. Although the values approach adopted in the Burra Charter is used as a starting point, this paper explores beyond the established socio-cultural and economic values to consider the value to environmental sustainability; the concept of heritage value is reinterpreted and extended to environmental performance. A review of empirical studies illustrates that methods such as LCA offer promising potential as an instrument for better understanding of the environmental impact and energy performance of heritage buildings, and can provide scientific evidence to substantiate credibility of claims of environmental sustainability. Most sustainability assessment tools do not take into consideration heritage values. Therefore, there is a need to develop new frameworks and practices that recon- cile requirements to improve environmental performance of heritage buildings with heritage sig- nificance. This paper forms part of a research project to investigate how new expectations for energy per- formance and retention of cultural heritage significance can be achieved to meet society’s aspi- rations.