140 Princess Street, Kew VIC 3101

Edwardian character on 1000sqm | approved redevelopment plans | Kew school catchment | 5-bedroom family hold or build This property offers a rare combination of original Edwardian bones and approved multi-residential plans, which gives a buyer two distinct pathways. The 1000sqm lot with 36% site coverage and no heritage overlay is a structural advantage in Boroondara, where such parcels are increasingly scarce. For a family buyer, the 5-bedroom layout, 9m ceilings, and workshop provide immediate liveability while the redevelopment permits represent latent value. The Kew Primary catchment and 70% owner-occupied street profile support strong long-term demand. This property suits either an owner-occupier wanting to secure a large block with future upside or a developer seeking a de-risked project with plans already approved. The main risk is the current asking price sits above the estimated value range and the last sale in 2022 was $2.45m, so a buyer must negotiate hard to avoid overpaying for the redevelopment potential that may take years to realise. The rental estimate of $1540 per week suggests the current $1300 rent is below market, but holding costs during planning or construction will be significant. The 30-day prior listing nearby at $2.53m for a similar block provides a comparable but not identical benchmark. The opportunity is to acquire a site with approved plans and no overlay constraints, which reduces approval risk and timeline. Hold as a family home and develop later, or execute the multi-residential plans once the market cycle turns.