1/342 Dandenong Road, St Kilda East VIC 3183

Corner dual-frontage block | 626m² GRZ with heritage overlay | 11-room configuration | Rare infill scale near CBD The buying case rests on the corner’s dual-frontage flexibility and the site’s sheer size within St Kilda East’s tightly held residential zone. Eleven rooms and four bathrooms imply a multi-unit building already in place, giving a buyer immediate rental income while planning a redevelopment. The heritage overlay limits demolition but does not prevent adaptive reuse or subdivision, and the corner exposure improves marketing for any future townhouse or small apartment scheme. This property suits a buyer who can hold through a permit process and wants a larger land holding close to the city without competing in the premium auction market. The primary risk is the heritage overlay, which will constrain massing and may require approvals for external changes, adding time and cost to any redevelopment. The inconsistent bedroom count across records suggests the current configuration may be informal or subdivided internally, requiring a structural survey before relying on rental projections. On the opportunity side, the site’s position near Prahran and Windsor schools supports family-oriented townhouse demand, and the dual street frontage allows separate access for a future dual-occupancy split. Hold the property for cash flow while lodging a planning application for a three- to four-townhouse subdivision, then sell or build to order.