35 Clingin Street, Reservoir VIC 3073

Freestanding house on RGZ3 land | dual-site development potential | 565sqm block near Northland | 4-bedroom configuration with scope. The property’s competitive edge lies in its Residential Growth Zone 3 zoning on a 565sqm parcel, part of a larger development site with an approved townhouse project. For a buyer seeking a land-hold with immediate rental income and medium-term redevelopment optionality, this offers a rare combination of existing dwelling and zoning upside in a corridor with strong transport and retail access. The house itself is functional but secondary; the primary value is the land’s configuration for a 3-storey townhouse scheme, which suits investors or developers who can manage a staged exit. The key risk is the disconnect between the current house condition and the premium implied by the development approval—renovation costs may not be recouped if demolition is planned. The $850k–$880k range reflects a land-plus-dwelling price that is below the site’s redevelopment value, creating a margin for a buyer who can execute the townhouse plan or hold for rezoning uplift. Opportunity lies in securing the property below the upper estimate and either renting it out for cash flow while planning approval lapses, or partnering with the adjacent site owner to consolidate. Hold for zoning gain or sell to a developer once approvals are secured.