115 Gladstone Rd

Dandenong North VIC 3175

House

Currently for sale - view listing

Overview

Development Opportunity

An excellent opportunity for developers and investors, with a Council-certified Plan of Subdivision for four lots, providing a valuable head start for your future development plans. Positioned on a prominent corner site in Dandenong North, 115-117 Gladstone Road offers a rare combination of immediate rental income and future development opportunity. The property currently comprises two separate homes, providing a combined rental income of approximately $50K per annum. TWO EXISTING HOMES House 1 • 2 bedrooms • 1 bathroom • Currently leased House 2 • 3 bedrooms • 1 bathroom • Currently leased The existing homes provide an attractive holding income while the purchaser considers the next stage of the property's development. CERTIFIED PLANS & PERMITS Adding significant appeal is the certified plans and permits for two additional double-storey townhouses, comprising: • 1 x two-bedroom townhouse • 1 x three-bedroom townhouse The corner position and separate street interfaces provide an excellent foundation for the approved layout and add flexibility to the overall site. INVEST, DEVELOP OR HOLD This property offers several possibilities for the astute purchaser. Continue holding the existing homes and benefit from the current rental income, proceed with the approved townhouse development, or consider the broader potential of the site, subject to the relevant approvals and permit conditions. CONVENIENT DANDENONG NORTH LOCATION Enjoy easy access to local schools, shopping, public transport, parks and major road networks. Lyndale Primary School and Lyndale Secondary College are nearby, while Dandenong Plaza and Waverley Gardens Shopping Centre provide extensive shopping, dining and everyday amenities within easy reach.