Hi @thulani,
Currently there isn’t any way around creating a new property, as the tool tip says. You would have to create a new one, then use exports/imports or “Copy property value” actions in workflows to migrate the information into the new property, before updating all of the assets that are referencing the property manually. For 1,000 places where it’s used, that’s definitely not fun but I’m not aware of any other way. These types of restrictions in HubSpot can typically not be bypassed.
Best regards!