648 Warrigal Road

Malvern East VIC 3145

1045 m²

House

Currently for sale - view listing

Overview

Prime Malvern East Landholding with RGZ Zoning, Holding Income & Significant Development Upside

Set on a substantial 1,044sqm (approx.) landholding in the heart of Malvern East, this exceptional property presents a rare opportunity for occupiers, investors, and developers alike. The site is rezoned to Residential Growth Zone (RGZ), with a previous permit for 16 apartments (predominantly circa 75sqm each, refer to attached built-up area schedule), and potential for increased yield subject to council approval. Townhouse development is also a viable alternative, offering flexibility across multiple development strategies. Currently, the property includes an existing dwelling generating an approximate rental income of $470 per week, providing holding income while future plans are considered. The existing home offers comfortable accommodation, featuring four bedrooms (including a flexible rumpus or retreat), a central family bathroom, a practical kitchen with ample storage, and a light-filled living and dining zone. While immediately liveable, the residence also presents clear renovation or value-add potential. Outdoors, expansive front and rear gardens, a double garage, and additional off-street parking complement the generous proportions of the allotment. The location is a standout: • 400m to Holmesglen Train Station • Directly opposite Harvey Norman, Officeworks and Coles • 400m to Holmesglen TAFE • 1.6km to Chadstone Shopping Centre • Bus stop at the doorstep • 700m to Monash Freeway access Zoned for Malvern Valley Primary School and Ashwood High School, and surrounded by established amenities, this is a blue-chip address offering immediate returns, strong lifestyle appeal, and compelling long-term development upside.