Presented for the first time in almost four decades, this outstanding property offers an increasingly rare opportunity in the heart of Chelsea, approximately 250m from the sand and village. Occupying a significant 918m2 allotment, this remarkable offering is complete with a beautifully maintained large family home, along with plans for a multi-unit development. Promising a contemporary coastal experience; plans comprise four sophisticated tri-level 4 bedroom, 3.5 bathroom townhouses, all with two master ensuite bedrooms, multiple living zones and double lockup garages with provision for EV charging. Alternatively, the comfortable solid-brick home is impeccably kept and generously proportioned with two spacious living zones and an immaculate kitchen with meals at the social heart. Three robed bedrooms and two bathrooms grace the functional floorplan, the master bedroom including an ensuite, while the backyard enjoys a northerly aspect and glistening swimming pool for summer fun. Features ducted heating, evaporative cooling, powder room, huge laundry with excellent storage, double remote garage with internal access and extensive additional secure parking. Whether you choose to maximise this premier position and develop (STCA), renovate the existing home at your leisure or hold for the future - properties like this are few and far between. Located within a gentle stroll of the beach, Chelsea's vibrant eateries, shopping and the train station, along with excellent local schools, parks and reserves all conveniently close, secure this tightly held slice of bayside for the next 40 years. Contact Ray White Chelsea Director Shane O'Sughrue on 0401 119 911 for more information.