Have you considered that you would need to retrofit the entire building at massive expense? See Building Codes of Australia Class 2 and Class 3.
You’d be dropping the value of all Lots in the property by an estimated 25% – our building has just had short-term letting sent away to hell, where it belongs, and already we’ve seen a great jump in property prices.
There’s a precedent where a Residential block in the City of Sydney wanted to do what is planned here. City of Sydney refused to change the DA, obviously wanting to maintain the housing stock in the City, and the applicants took the Council to the NSW Land and Environment Court. See NSW L&EC No. 10576 of 2006 187 Kent Street Pty Limited v Council of the City of Sydney: application to convert 128 residential units into dual use residential/serviced apartments: “…in that appropriate amenity cannot be provided with a mix of residential and serviced apartments that share the same floor and access points…I find the proposed development is unacceptable…”
The residents in our Residential strata building – tenants and owner/occupiers – can attest that short-term letting and permanent residential accommodation isn’t in any conceivable way a ‘compatible use’.
Why would you want to trash a Residential property by turning it into a quasi-hotel? Oh, short-term, quick cash?
Think long-term. The plan to cash in on short-term lets is, in my opinion, a stupid, uninformed – and/or extremely selfish – idea.