Set on a substantial 1,364m² (approx.) block with a 20.2m frontage and 68.2m depth, 5 Broome Street, Lakes Entrance presents a rare opportunity to retain a charming weatherboard home while pursuing a four-unit subdivision and development (STCA). Concept plans have been prepared showing one possible outcome - retaining the existing dwelling at the front, with four additional units accessed via a central driveway.
Positioned less than 200m from Lakes Entrance Secondary College and just minutes from the town centre, shops, cafés, medical facilities and the region's famous beaches, this property suits investors, developers and owner-occupiers alike.
Full of character, the home features a welcoming front verandah, while the living area offers a ceiling fan and split-system air conditioning for year-round comfort. An open-plan layout flows through to three bedrooms (two with built-in robes), a central bathroom with shower, separate toilet, and a well-appointed laundry with sink and space for a chest freezer.
A covered breezeway connects the home to the expansive rear yard, where a freestanding garage/workshop with roller door offers excellent space for tradespeople, storage or hobby enthusiasts. Ample off-street parking and level lawn area round out the property's day-to-day practicality.
Currently tenanted, the home returns $500 per week - a solid holding yield while development plans progress.
Opportunities of this scale, in this location, are becoming increasingly rare. Concept plans are illustrative only and do not constitute development approval; interested purchasers should undertake their own due diligence regarding planning, subdivision and building requirements, with all development subject to approval from the relevant authorities (STCA).
Whether you're looking to landbank, develop, invest, or secure a home with genuine long-term upside, 5 Broome Street offers a rare combination of immediate liveability and exceptional future potential in one of Lakes Entrance's most desirable pockets.
Call selling agent Daniel Schoeman on 0417 824 769 for more information or to arrange a private inspection.
Due Diligence Checklist (VIC)
Before purchasing a residential property, buyers should make their own enquiries regarding any matters that may affect the property. This checklist is a guide only and does not replace independent professional advice. For further information, visit the Consumer Affairs Victoria website: consumer.vic.gov.au/duediligencechecklist.
Disclaimer: The four-unit concept plans are for illustrative purposes only and do not represent approved plans. Purchasers should undertake their own due diligence. Any subdivision or development is subject to council approval (STCA).
