Mega Frankston South block could make owners $10 million
A sprawling Frankston South property surrounded by towering trees could be turned into dozens of new homes and earn its owners more than $10 million.
The 88 Stotts Lane property on a sprawling 5.28ha has just been put on the market with a sale price that could exceed eight figures.
A large five-bedroom home sits among a private forest of trees, pool, tennis court and footy goalposts, but the block could soon be carved up to make way for new development.
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The property comes with price hopes of $9.5-$10.45 million and is suited for housing development, according to OBrien Langwarrin agent Travis Corbett.
“It represents an opportunity to create one of Frankston South’s last housing estates and it neighbours several residential estates,” Mr Corbett said.
The weatherboard home from the 1950s has been extended and renovated by the current owners who purchased the block in the early 1990s.
“It has a general residential zoning and any housing development will be subject to council approval,” he noted.
It would suit as a family home while planning approval is sought or as a long-term investment. It is understood that the allotment might be suited to build dozens of new homes.
The property has easy access to freeways, parks, walking tracks, shopping areas and schools and is also a short drive to the beach.
The five-bedroom house boasts three bathrooms and three living zones and comes with a spacious kitchen, ample garage parking plus a sauna, spa and large grounds.
The sale by expression of interest closes at 5pm, April 17.
In the same suburb, an allotment at 57 Alicudi Ave, with potential for six housing lots, has also been listed.
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