Purpose– The purpose of this paper is to explore the barriers preventing investment in the re-use of low-grade multi-storey building stock in order to identify attributes that determine whether an existing building is suitable for retrofitting.Design/methodology/approach– Semi-structured interviews were undertaken with key industry practitioners to investigate existing practices and barriers facing low-grade building retrofits and what “ideal” multi-storey building features represent a successful investment opportunity.Findings– The findings showed that tenant commitment is necessary before any project goes ahead and that there exist many barriers influencing the investment decision. These include: high levels of asbestos found in existing buildings; changes in the National Construction Code necessitating enhanced fire safety and disability access; heritage listing; lack of awareness; overestimation of costs involved on simple and effective energy efficiency upgrades and change in tenant demands towards modern and efficient open plan offices. Many low-grade structures are privately owned inherited assets where the owners lack the expertise and capital to undertake retrofitting effectively.Research limitations/implications– The study is focused on the Adelaide CBD in South Australia but the findings are relevant to other Australian cities.Practical implications– There is room in the market for more positive and influential schemes such as the Green Building Fund that encourage more energy efficiency upgrading of these buildings.Social implications– The greater occurrence of retrofitting and re-use of older buildings, rather than demolition and rebuilding, has advantages with regard to reducing the impact of buildings on the environment and promoting sustainability.Originality/value– The research has indicated certain features of older buildings which render them as suitable candidates for retrofitting and refurbishment.