/Subdivide and conquer near Templestowe’s Golden Mile

Subdivide and conquer near Templestowe’s Golden Mile

The property at 1-2 Gardenview Court, Templestowe is set to be carved up.

A huge block near Templestowe’s Golden Mile is for sale for almost $3 million as an ambitious development project.

The 1680sq m site currently has a four-bedroom property featuring several large living areas as well as large gardens and an alfresco dining space.

But Hudson Bond director Jason Kounnas said 1-2 Gardenview Court, which is listed at $2.95 million, was well suited to subdividers, with the savvy seller already granted approval to carve up the large parcel into a four-lot subdivision.

Each subdivision would come with street frontage and separate house numbers.

“It’s got a nice outlook in both directions,” Mr Kounnas said.

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A render of the already planned build for what would become 297 Church Rd.

Four townhouses could take up the site.

The vendors decided to sell after getting the green light to divide the block into four lots ranging in size from 286sq m to 545sq m.

The two smallest lots each come with plans and a permit for a townhouse.

“I believe they just got the plans and are now looking to on-sell,” Mr Kounnas said.

“They wanted to add value and improve the land and then move onto the next project.”

The property, which sits in a general residential zone, last sold for $2.75 million in May 2015, according to CoreLogic data.

It is located towards the top of Church Rd, close to mansion-filled Serpells Rd, known as Templestowe’s Golden Mile, where tennis courts are the norm rather than the exception.

“Serpells Rd was originally built and sealed for orchardists to get in and out of town,” said Manningham councillor Geoff Gough.

“These one-acre properties gave the area a bit of prestige.”

The property is within walking distance of Ruffey Lake Park and sits in the zone for Serpell Primary School.

— Jack Boronovskis

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