15 Towers Street, Flora Hill, Vic 3550

A planning permit is already in place to create a two-lot subdivision at this address. It?s a golden opportunity to invest and reap the long-term rewards that a property in this sought-after area will bring.

Set on an elevated 803-square-metre allotment offering great views of the Alexander ranges, you could continue leasing the three-bedroom home at the front of the property while developing the rear, which fronts onto the romantic sounding Flora Lane, in your own good time. At present the rental return for the property is $260 per week.

The existing home has beautiful hardwood floors throughout. A front door opens to a good-size lounge room overlooking a kitchen at the rear. A brick fireplace accommodates a gas heater and there?s also a wall-mounted air-conditioner. The kitchen has an upright electric stove and a long narrow breakfast bar curved at one end. The curved finish is repeated on the wall cupboards. Three bedrooms and a three-piece bathroom are located along a hallway. Two of the bedrooms have built-in wardrobes and picture rails. Off the kitchen is a laundry and separate toilet.

With the planning permit in place and subdivision ready to commence, this is an opportunity to develop now or set and forget with the view to develop in the future. There is plenty of room for a single storey 4 bedroom home at the rear with rental potential of up to $460 pw.

Situated in the centre of Flora Hill with a popular little shopping centre that includes an award-winning butcher and a great bakery nearby, a bus stop down the road, and La Trobe University only minutes away, this is a fantastic location.