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493-495 Nepean Highway Highway, Chelsea VIC 3196

$2,388,888 - $2,627,776

Search Band Search Visibility Band

$2.3M - $2.4M High Confidence Calculated based on strong search observations.

House 6 Beds 3 Baths 1220 m²

Listed: 25th Jun 2026

Updated: 19th Jul 2026

Overview

An exceptional development opportunity is available at 493–495 Nepean Highway, Chelsea. This prime corner site is situated on a substantial landholding of approximately 1,220 square metres and boasts the rare feature of triple street frontages. This unique aspect offers significant design flexibility and development potential, making it a highly attractive proposition for investors and developers alike.

The property is ideally positioned in one of Melbourne's most sought-after bayside precincts, perfectly suited for a variety of development outcomes including commercial, mixed-use, residential, or office developments, subject to council approval (STCA).

Potential development options include the creation of up to six commercial tenancies alongside six residential apartments or alternatively, the construction of twelve luxury townhouses with the possibility of stunning bay and water views, also subject to council approval.

Key property highlights include a generous land area of 1,220 sqm, rare triple street frontages measuring 31 metres to Nepean Highway and 40 metres to Chadwell Grove, offering unparalleled design flexibility. The property is located just 150 metres from Chelsea Beach, enhancing its appeal and lifestyle value.

The current setup includes an existing income stream derived from two retail tenancies and one adjoining residential dwelling, adding immediate value and investment appeal.

Residents and businesses in this vibrant location will appreciate exceptional lifestyle and connectivity benefits. They will enjoy easy access to local amenities and attractions, including Chelsea Beach just a short walk away, Bonbeach and Chelsea railway stations within 700 metres, and the Chelsea Shopping Centre also within 700 metres.

Additional nearby recreational facilities such as the Patterson River Golf Club and Bicentennial Park are approximately 1.5 kilometres away. The area is well served with a comprehensive array of schools, cafes, restaurants, retail outlets, medical facilities, public transport, gyms, parks, and everyday amenities all within close walking distance, ensuring a convenient and enriching environment.

This rare opportunity to acquire a landmark development site in a high-growth bayside location is not to be missed. The scale, location, and versatility of this property offer extraordinary potential to unlock substantial value through thoughtful and innovative development, subject to council approval.

All measurements are approximate and intended as a guide only. Prospective buyers should undertake their own due diligence to verify all information. The images and floor plans used in the marketing are to scale and produced based on the best available knowledge.

Local Market Insights

In Chelsea, Quiet Listings observed 14 new houses entering the market over the last 30 days, down from 23 during the previous 30-day period, with an average advertised asking price of $1,309,286. The property type mix of listed properties is predominantly Townhouses at 27%, followed by houses (25%), and units (24%). The most active agency for houses in the Chelsea area is currently Jellis Craig, representing 21% of new listings, followed by Ray White with 21%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.