32 Lardner Road Frankston VIC 3199

Tenanted until 2027 | approved dual-townhouse plans | 714sqm in Frankston Heights | flood overlay flagged The buying case rests on two distinct advantages. First, the existing tenancy at $380 per week through to January 2027 provides immediate, predictable holding income, which suits an investor seeking cash flow without vacancy risk. Second, the approved plans for two townhouses—subject to council sign-off—offer a rare pre-packaged development pathway on a 714sqm block in a sought-after school zone. For a buyer with medium-term capital growth objectives, this property positions as a build-to-hold opportunity rather than a quick flip, and the Frankston High School catchment adds enduring demand from families. The primary risk is the identified flood overlay, which may tighten lending criteria, increase insurance premiums, and add conditions to any future subdivision or construction. This overlay could reduce the net developable area or require engineering solutions, raising total project costs. The buyer should engage a town planner and geotechnical consultant before committing. On the opportunity side, the dual-townhouse approval shortens the typical approval timeline, and the existing rental income offsets holding costs during planning and construction. Hold the property for its income and develop within three to five years when the overlay risk is fully priced into the build.