248 Mount Pleasant Road, Highton VIC 3216

Large north-facing block | Approved townhouse plans | Tightly held Highton pocket | Developer-focused opportunity This property presents a rare, turnkey development site in a tightly held location. Its core strength is the 731sqm north-facing allotment with already-approved plans for three townhouses, removing planning risk and time cost for a builder or investor. The existing house provides basic holding income while plans are finalized. This serves a developer or builder-buyer exclusively, as the premium is paid for the approved density, not the existing modest dwelling. The decision hinges on executing the approved build, as the property’s value is now tied to development profit, not land banking. The primary risk is construction cost inflation eroding margin, requiring immediate feasibility reassessment. The opportunity is a streamlined build in a supply-constrained pocket, with commercial logic favoring a swift commencement. Acquire only with intent to develop within the current cycle. A Propcred report would pressure-test the real market valuation for both the land and end-townhouses, while identifying locality risks like site costs or covenant restrictions that could impact the approved plans.