11 Alcala Avenue, Malvern East VIC 3145

928sqm block in Malvern East | Flood overlay flagged | 23% building coverage | School zoning included This property offers a rare combination of a 928sqm land holding with only 23% building coverage, which signals significant future flexibility for a buyer willing to look past the flood overlay. The low site coverage means the existing house can be lived in while planning for a substantial extension, a second dwelling, or a complete rebuild — all within a Stonnington location zoned for Malvern Valley Primary and Ashwood High. It suits a family or investor who values land banking with immediate rental income, given the $795 weekly rent potential and existing 4-bedroom configuration. The flood overlay is the primary risk, and it will constrain both financing and development timelines — lenders may require additional due diligence, and any future subdivision or basement work will face higher costs. However, the overlay is not a prohibition; it simply demands a more deliberate design approach and may deter less informed buyers, which works in your favour at negotiation. The property’s current listing range sits below both Domain and Property.com.au estimates, suggesting room to acquire below intrinsic land value. Hold for medium-term capital growth driven by land scarcity in Malvern East, and use the existing dwelling as a holding income source while you assess development feasibility.