26 Pennell Avenue, St Albans VIC 3021

Residential Growth Zone | 745m² site | 22% coverage | approved townhouse plans | St Albans train station This property’s primary buying case rests on its zoning and site metrics. The Residential Growth Zone and 745m² lot with only 22% building coverage create a rare configuration for redevelopment, especially with approved plans for four townhouses already in place. For a developer or investor, this removes a major approval risk and shortens the timeline to value creation. The existing house is functionally modest,three bedrooms, one bathroom,but that underutilisation is precisely the opportunity. The location near the updated St Albans train station and local amenities supports strong rental demand for the future townhouses, making this suited to a buyer who can execute a medium-term development or a patient hold for land appreciation. The primary risk is execution: the approved plans require council compliance and construction capital, and the current single-bathroom layout limits immediate rental income if the house is held as-is. The buyer’s cost is the gap between the current valuation and the development outlay, plus holding costs during construction. Commercially, the logic is to either refurbish the existing house for a quick flip or proceed with the townhouse development to unlock the site’s full value. Hold this property as a development vehicle, not a family home.