81 SummerHill Rd RESERVOIR, VIC

Positioned on the edge of Preston within one of Reservoir’s most exciting growth corridors, this exceptional opportunity comes with approved plans and permits to construct four contemporary 2-bedroom townhouses, each featuring a dedicated study nook – making it ideal for developers, astute investors, or buyers with a clear vision to capitalise on strong ongoing demand.Set on a generous 574sqm (approx.) allotment in the sought-after Residential Growth Zone 2 (RGZ2), the site currently accommodates a well-maintained brick veneer residence that delivers immediate holding income. The existing home comprises three spacious bedrooms, a central bathroom, a comfortable lounge, and an open-plan kitchen/meals area, and is currently leased at $750 per week, providing solid cash flow while planning future development.A wide side driveway offers excellent off-street parking and access to a substantial rear yard and garage, further enhancing the site’s flexibility for redevelopment or subdivision (STCA).The location truly underpins the value – just moments from Summerhill Shopping Centre, within easy reach of Plenty Road trams, and a short commute to La Trobe University, Northland Shopping Centre, local schools, and parklands. An outstanding opportunity to secure a prime development site with immediate rental return in a high-growth pocket.