2 Arundel Court, Mulgrave VIC 3170

Large north-facing block in court | 723m² subdivision potential | 1970s brick with updated ensuite | Walk to schools & corporate park This property presents a rare and competitively strong proposition due to its generous 723m² parcel in a peaceful court, a configuration increasingly scarce in established Mulgrave. The north-to-rear aspect and 33% building coverage create immediate potential for a significant outdoor living area or future development, subject to council approval, while the established 1970s brick construction offers a solid, low-maintenance base. It serves young families and convenience-seekers most effectively, with walking access to well-regarded schools including Mazenod College, immediate freeway access, and dual living zones providing functional separation. The decision hinges on navigating its transitional state, evidenced by the discrepancy in reported bathroom counts and its recent rental history, which signals a property between tenancies and possibly awaiting capitalisation. The primary risk is paying a premium for future potential without secured permits, while the opportunity lies in executing a subdivision or luxury rebuild to extract the latent land value. Acquire this property with a clear, commercially logical plan for its land bank; it is a hold for strategic improvement, not a passive investment, given its current estimated rental yield sits below area averages.