1/28 Andrea Street St Albans VIC 3021

3-bedroom townhouse on 720m² land | dual-occupancy potential in residential zone | near train station and university | positioned for rental demand and future subdivision. The primary buying case rests on the land-to-dwelling ratio. A 720m² parcel in a residential zone with no overlay restrictions is uncommon for a townhouse, offering immediate dual-income potential through the existing dwelling plus a future subdivision or second dwelling. The location near St Albans Station and Victoria University supports strong tenant demand, with a rental midpoint of $585 per week providing a solid holding yield while the property appreciates. This suits a buyer seeking a balanced entry into Melbourne’s outer growth corridor with a clear value-add pathway. The risk is that the existing townhouse is not a premium build, and the $650,000–$700,000 price range sits at the higher end for St Albans, meaning capital growth will depend on zoning changes or subdivision approval rather than immediate resale. The buyer’s opportunity is to hold for 3–5 years, using the rental income to service debt, and then pursue a dual-occupancy or subdivision strategy once land values rise. This property is best held as a long-term land bank with cash flow.