54 Powell Street W, Ocean Grove VIC 3226

Renovated beach house | large 849m² block | walkable to village and patrolled beaches | long-term holder street | no overlays. The buying case rests on the combination of a fully renovated three-bedroom house and a substantial 849m² block in a prime walkable position, which is rare in Ocean Grove. The 28% site coverage leaves meaningful room for future expansion or a studio, while the absence of bushfire, flood, or heritage overlays removes costly constraints. This property suits a buyer who wants immediate lifestyle amenity with the option to add value later, and the street’s ownership profile—nearly half held for over a decade—signals low turnover and stable demand. The main risk is the modest gross rental yield near 2.3%, which means the property is better suited as a primary residence or a long-term hold than a cash-flow investment. The 4-metre roof height and 33-metre elevation are not exceptional but do not limit redevelopment potential. The opportunity is to hold for capital growth driven by the large block and location, or to subdivide and develop if council permits align. Use this property as a lifestyle base with a patient capital appreciation strategy.