2 Ella Grove, Chelsea VIC 3196

Corner block with approved dual-townhouse plans | 627sqm in Chelsea’s family belt | 1960s single-level with redevelopment upside | Edithvale Primary and Mordialloc College catchment The property’s primary buying case rests on the approved planning pathway for two double-storey four-bedroom townhouses, which effectively de-risks the development timeline and gives a buyer immediate clarity on yield potential. The corner configuration and 23% site coverage allow for efficient design without sacrificing outdoor space, and the absence of bushfire, flood, or heritage overlays removes common approval friction points. This house is best suited to a buyer with medium-term redevelopment ambitions—either a builder-occupier who can live in the existing dwelling while plans are executed, or an investor seeking to unlock land value through subdivision within two to three years. The key risk is the existing 1960s building’s modest condition and 145sqm footprint, which limits immediate rental return relative to land cost; the rental estimate of $605 per week suggests a gross yield below 3% at current value, meaning holding costs will be material unless the buyer occupies it. However, the approved plans represent a structural opportunity—two four-bedroom townhouses in this corridor typically command rents above $700 each, and the corner position improves street appeal and separate access. The buyer should hold the property for the planning consent’s validity period and execute the townhouse build when construction margins tighten, or sell the approved plans to a developer for a quicker exit.