23 Sandham Street
Elsternwick, VIC 3185

Overview

23 Sandham Street, Elsternwick

This exceptional property offers a rare and expansive opportunity to acquire approximately 1700 square metres of land with a prized north-facing aspect. It is a legacy estate that has remained in the hands of a single family for nearly a century, presenting a unique chance for developers or investors alike.

The site comprises five Art Deco residences, including one three-bedroom home, three two-bedroom homes, and one single-bedroom home, each featuring a bathroom. These homes currently provide a steady rental income, making the property a reliable investment.

The total rental income from the five flats amounts to $131,136 per annum, with individual monthly rents ranging from $1,874 to $2,817. This immediate yield complements the property's significant development potential.

Strategically located just steps from Elsternwick Village, the property benefits from proximity to the train station, tram lines, shops, dining venues, bars, and the Classic Cinemas. This prime location enhances the appeal for redevelopment into a modern, luxury boutique complex, subject to council approval (STCA).

Whether the buyer chooses to renovate the existing dwellings or pursue a comprehensive redevelopment, this site offers an exceptional canvas for creating a distinctive residential precinct. Opportunities of this scale and promise are exceedingly rare in this sought-after area.

This is a once-in-a-lifetime chance to make a lasting impact on an exclusive neighbourhood, combining immediate income with long-term growth potential.

Location