Positioned in one of Reservoir's most tightly held and rapidly evolving pockets on the prestigious Preston border, this exceptional property presents a rare opportunity to secure a premium development site with all the hard work already completed.
Set on approximately 574sqm within the highly sought-after Residential Growth Zone 2 (RGZ2), the property is offered with approved plans and permits for four architecturally designed two-bedroom townhouses, each complemented by a dedicated study area-a contemporary design perfectly suited to today's owner-occupiers, first-home buyers and investors.
Whether you're an experienced developer ready to commence your next project or a savvy investor looking to landbank in a high-growth precinct, this outstanding opportunity delivers both immediate income and exceptional future potential.
The existing three-bedroom brick veneer residence is well presented and currently leased, generating an attractive $750 per week rental return. Offering spacious living and dining areas, a functional kitchen, central bathroom, generous rear yard and ample off-street parking, the home provides excellent holding income while you finalise your development plans.
The location is simply outstanding. Enjoy the convenience of having Summerhill Shopping Centre only moments away, with Plenty Road trams, quality primary and secondary schools, local parklands, La Trobe University, Northland Shopping Centre, and the vibrant Preston lifestyle precinct all within easy reach. This is a location where strong buyer demand and long-term capital growth continue to underpin exceptional investment performance.
Opportunities of this calibre are increasingly difficult to secure. With approved plans and permits already in place, a strong rental return from the existing home, and a premium position in one of Melbourne's most exciting growth corridors, this is a compelling offering that combines immediate returns with outstanding development potential.
Property Highlights
●Approved plans and permits for 4 architecturally designed 2-bedroom + study townhouses
●Approx. 574sqm of prime land in Residential Growth Zone 2 (RGZ2)
●Existing 3-bedroom brick veneer home
●Returning $750 per week in rental income
●Excellent holding income while preparing for future development
●Prestigious location bordering Preston
●Walking distance to Summerhill Shopping Centre, Plenty Road trams, schools and parklands
●Minutes to La Trobe University, Northland Shopping Centre and the vibrant Preston café and dining precinct
A truly outstanding opportunity to secure a premium development site in one of Melbourne's most promising residential locations.
