254 Highbury Road, Mount Waverley VIC 3149

8 bedrooms | council-approved rooming house | 766sqm Mount Waverley | ~$140k annual income This property presents as a rare high-yield residential holding in a tightly held school zone location. The council-approved rooming house configuration on 766sqm delivers immediate cash flow that few family homes in Mount Waverley can match, and the Mount Waverley Secondary College zoning adds structural demand for the land itself. It suits investors seeking gross yield over owner-occupier finish, or buyers with a medium-term view on land value in a corridor with commercial conversion potential. The principal risk is compliance overhead—rooming house regulations, fire safety, and tenancy management are not passive. The pool and outbuildings require verification of approvals. Commercial conversion to medical or allied health use is speculative and council-dependent, not a near-term certainty. Buyers should verify current planning permits and audited rental income before proceeding. This property is best held as an income-producing land bank, with optionality for redevelopment or adaptive reuse once the current yield cycle is exhausted.