28 Gloucester Place Warragul VIC 3820

Inner-town large allotment | Approved shovel-ready subdivision | Three living zones plus study | Established house on 998m²+ This property presents a rare inner-town land bank with immediate development optionality, a configuration that sharply limits comparable supply. Its competitively strong position is defined by council-approved plans for a three-lot subdivision, with preliminary work complete, transforming a standard 3-bedroom house into a low-density development opportunity. It serves three buyer profiles concurrently: the owner-occupier seeking multiple living areas and a large yard, the investor capturing rental demand, and the developer acquiring a turn-key project without planning risk. The decision hinges on executing the subdivision, as holding it as a single dwelling wastes its core financial mechanism. The primary cost is capital outlay for construction and servicing to realise the land value. The commercial logic is clear: subdivide, build, and sell or hold the new lots. Acquire this property only with the intent to develop; otherwise, its premium for land size is unjustified. Our analysis provides the real market valuation against development yields, a due diligence checklist for permit conditions, and assesses locality risks like service capacities. A direct comparable sale exists for the existing dwelling: the property itself sold for $491,000 in June 2021. This historical price anchors the unimproved value of the house and land, highlighting that the current asking price primarily reflects the newly approved subdivision potential added since that last sale.