28 William Street, Preston VIC 3072

4-bedroom Preston house | 455m² land bank | scope to renovate | heritage overlay noted This property offers a rare combination of a four-bedroom footprint on a full 455m² block within a strong owner-occupied street, placing it as a credible land-bank opportunity in a suburb where median house prices exceed $1.37 million. The separate living room and home office provide immediate functional advantage for a family or professional couple, while the reliable NBN and 5G coverage support remote work without structural upgrades. It is best suited to buyers willing to hold for medium-term capital growth or renovate incrementally, given the heritage overlay and dated condition. The primary risk is the single bathroom, which limits appeal to families with children and may cap rental yield at the lower end of the $720–$910 range until upgraded. The heritage overlay imposes constraints on external alterations, meaning any renovation must work within existing envelope, reducing the upside of a full knockdown rebuild. However, the 155m² building area and 6m roof height allow for internal reconfiguration or a second bathroom addition, which would unlock significant value. Buyers should treat this as a long-term hold with staged improvements, not a quick flip.