Presenting an exceptional opportunity to secure an established accommodation investment just moments from the shores of Port Phillip Bay, this unique property comprises six self-contained residences across approximately 1,166m² of land. Combining an enviable coastal position, an established rental income stream and approved plans for a five-dwelling development, it offers an attractive proposition for investors and developers seeking a substantial holding in one of the Mornington Peninsula's popular beachside locations.
Thoughtfully arranged around a central landscaped garden, the six residences provide comfortable, low-maintenance accommodation, each with its own living area, kitchen, bathroom and private outdoor space. Refurbished interiors feature fresh neutral finishes, timber-look flooring and split-system heating and cooling, creating inviting spaces suited to relaxed coastal living. The configuration includes five two-bedroom residences, with the sixth offering two bedrooms plus a study.
Currently, five of the residences are income-producing, generating a combined rental return of $2,310 per week, equating to approximately $120,120 in gross annual rental income. The additional cabin provides flexibility for the purchaser's own use, offering a unique opportunity to enjoy a coastal retreat while benefiting from an established investment.
Adding another dimension to the opportunity, the current owner has obtained planning approval for a five-dwelling development, providing an exciting option for future redevelopment. The approved plans comprise five townhouses, with three facing Grenville Grove and two accessed via Truemans Road. This approval offers purchasers the flexibility to retain the existing income-producing accommodation or explore the property's redevelopment potential, subject to the relevant permit conditions and requirements.
A copy of the planning permit and approved stamped development plans is available for review.
The grounds have been designed to balance privacy with a welcoming communal atmosphere. Established trees, manicured lawns and garden beds create an attractive central outlook, while individual outdoor areas provide residents with their own space to unwind. Ample off-street parking, separate utility meters and access from two street frontages further enhance the property's practicality and investment appeal.
Positioned approximately 150 metres from the beach, the property enjoys exceptional access to the foreshore, with Capel Sound's local shops and cafes nearby. The shopping, dining and recreational attractions of Rosebud and Rye are also within easy reach, ensuring ongoing appeal for those seeking convenient accommodation close to the coast.
With six established residences, an attractive rental income stream and approved plans for five new dwellings, this substantial beachside holding presents a rare opportunity to secure immediate investment returns alongside exciting future development potential in a highly desirable coastal location.
Property Highlights
Six self-contained residences on one title
Five income-producing rental residences
Current combined rental income of $2,310 per week
Approximately $120,120 gross annual rental income
Additional cabin available for purchaser's own use
12 bedrooms plus one study
Six bathrooms
Five two-bedroom units and one two-bedroom plus study unit
Approximately 1,166m² of land
Approximately 300m² of combined internal floor area
Approved planning permit for five new dwellings
Three proposed townhouses facing Grenville Grove
Two proposed townhouses accessed via Truemans Road
Approved stamped development plans available for inspection
Refurbished, well-presented interiors
Split-system heating and cooling
Separate gas and electricity meters
Private outdoor areas for individual residences
Landscaped communal gardens with established trees
Off-street parking for multiple vehicles
Two street frontages
Approximately 150 metres from the beach
Convenient to Capel Sound shops, cafes and surrounding coastal attractions
