5 Willowbank Court, Templestowe VIC 3106

Cul-de-sac prestige pocket | Approved six-residence development | Existing architectural home retained | 1.33-acre Golden Mile parcel This property presents a dual-opportunity rare for Templestowe’s Golden Mile: a substantial, architecturally designed family home on a premium cul-de-sac, coupled with a council-approved plan to develop five additional luxury townhouses. This configuration serves both the prestige owner-occupier seeking immediate amenity and the strategic developer or investor with approved density. The existing residence offers established quality and gardens, while the approved plans provide a clear, valuable entitlement that significantly underpins the land value, making it a compelling proposition for a capital-rich buyer seeking optionality. The primary risk is the capital intensity and execution complexity of the development, which demands precise feasibility assessment against the current premium price guide. The opportunity lies in either holding the singular prestige property or realizing the subdivision premium, with the latter requiring commercial discipline to absorb construction and holding costs. This is a strategic holding for a buyer with a five-year horizon; proceed only with a definitive plan to either develop or occupy, as the premium paid inherently funds the future potential.