10 Charles Street, Ascot Vale VIC 3032

Original timber house | large 612m² lot in Whiskey Hill | flood overlay | auction with price guide | renovation/rebuild potential This property presents a rare opportunity to secure a large, flat block in Ascot Vale’s established Whiskey Hill precinct, a configuration increasingly uncommon in the inner-city fringe. Its 612m² land size substantially exceeds typical local lots, providing immediate value through extension potential or a future rebuild, subject to council approval. The existing original house with a separate bungalow offers flexible occupancy or rental income while plans are formed. It best serves buyers with a capital improvement strategy, whether as a renovator, developer, or long-term holder seeking land banking in a growth suburb with solid school catchments. The primary decision mechanism is the flood overlay, which necessitates specific due diligence on construction costs and insurance premiums. The original condition requires a significant renovation budget, positioning this as a value-add play rather than a turnkey purchase. Commercial logic favours securing the property below the upper price guide to preserve equity for improvements. Consider this a strategic land acquisition with an existing dwelling; hold for renovation to capitalize on the lot size premium or redevelop for greater density. A PropCred report would clarify the real market valuation against comparable large-lot sales, detail flood overlay implications for build costs, and assess locality-specific insurance and risk factors. Recent comparable sales are limited, but context is instructive. A nearby property at 89 Charles Street, with a significantly smaller 272m² lot and two bedrooms, is listed for $970,000 to $1,050,000. This starkly highlights the land value premium commanded by this property’s 612m² parcel, directly informing its higher price guide and underscoring the investment thesis centered on land scarcity.