Unbeatable Development Opportunity in Reservoir: Approved Plans for 3 Townhouses!

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45 Burbank Drive, Reservoir VIC 3073

$800,000 - $880,000

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$800k - $840k Transparent Transparent Listing Based on an openly advertised listing price.

House 4 Beds 2 Baths 2 Cars

Listed: 11th Aug 2026

Updated: 26 days ago

Overview

This property presents a unique opportunity in the sought-after Reservoir area, occupying a premium 730 square meter allotment. Its value is enhanced for developers and investors by the inclusion of approved plans and permits for the construction of three modern townhouses, removing the usual hurdles of planning and preparation and enabling a faster transition to development.

Meanwhile, the existing home provides immediate rental income potential. The residence itself accommodates four bedrooms and two bathrooms, combining functional living spaces including a formal lounge, a central bathroom, and a practical kitchen-meals area. This layout caters well to current occupancy whilst the development plans are pursued.

Beyond the property boundaries, convenience and lifestyle are notable assets. The home benefits from proximity to Reservoir and Regent train stations as well as local bus routes, facilitating easy commuting. Local amenities such as vibrant shopping strips, cafes, and popular parklands further enhance the appeal, providing accessible options for dining, leisure, and recreation.

The two off-street parking spaces add to the property's practicality, supporting both residents and visitors. Overall, this offering balances immediate residential utility with substantial long-term redevelopment potential, likely attracting a range of buyer profiles including developers, investors, and owner-occupiers looking for future growth opportunities in this dynamic suburb.

Local Market Insights

In Reservoir, Quiet Listings observed 41 new houses entering the market over the last 30 days, up from 38 during the previous 30-day period, with an average advertised asking price of $1,106,805. The property type mix of listed properties is predominantly Houses at 47%, followed by townhouses (25%), and units (23%). The most active agency for houses in the Reservoir area is currently Ray White, representing 32% of new listings, followed by Nelson Alexander with 20%. 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.