140 Skye Road, Frankston VIC 3199

Dilapidated 1960s house | approved five-townhouse plans | flat 890sqm+ block | beach-end Skye Road The buying case here is built on the approved townhouse permits, which remove the most time-consuming risk in development—the council approval process. The flat, fully-fenced block with large frontage is rare at this end of Skye Road, directly opposite two golf courses and close to the beach, giving the completed units a location premium that resale values will reflect. This property best suits a builder or experienced developer who can execute the plans quickly, or a land banker wanting to hold a titled, permit-ready site in a tightening Frankston market. The primary risk is the dilapidated condition of the existing house and garage; demolition and site preparation costs must be factored into the acquisition budget, and any holding period will carry rates and insurance on a non-income-producing property. The approved plans for five townhouses are a known quantity, but the buyer should verify permit expiry dates and any recent changes to council overlays that could affect build timing. The opportunity lies in the gap between the current price guide and the completed value of five modern townhouses in this location—a standard build-and-hold or build-and-sell strategy works here, with the flat site and existing approvals keeping execution risk lower than a comparable vacant lot.