606 Elgar Road
Box Hill North, VIC 3129

This property presents a rare opportunity to acquire a versatile corner block located in a highly sought-after area of Box Hill North. The land size is approximately 697 square meters, featuring an existing dwelling with six rooms, two and a half bathrooms, and parking space for four cars. The property currently generates monthly income based on six rooms rented at typical weekly market rates.

The site offers significant potential subject to council approval (STCA) for various uses including prescribed accommodation, clinic or consulting suites, homestay, or multi-unit development. Its location is highly convenient with bus stops and food outlets, including a service station, just seconds away. Major amenities such as Box Hill Central, Westfield Shopping Centre, and Box Hill Hospitals are all within a 10-minute drive, enhancing the property's appeal.

There are multiple pathways for growth with this corner block:

• Hotel/Accommodation: The property was previously approved for a 10-room hotel. Although the permit has lapsed, the precedent has been established and renewal is available to a new owner, providing a valuable opportunity for redevelopment.
• Knockdown & Rebuild: The site can be reimagined with a luxury residence, a combined business-residence, or a multi-unit development, subject to council approval.
• Homestay Business: Ideally positioned opposite Koonung Secondary College, there is strong demand for student accommodation, with rental rates starting from $430 per student.

The property's prime frontage on Elgar Road ensures maximum exposure, excellent visibility, and prominent signage opportunities, making it highly attractive for business, accommodation, or residential use. Opportunities of this calibre in Box Hill North are rare, making this an excellent prospect for investors, developers, Airbnb operators, or entrepreneurs.

Currently, the property provides strong holding income with significant upside potential for future development or redevelopment. The rental demand in the area is expected to continue rising, further enhancing the investment appeal.

This property combines a solid income stream with exceptional development potential in a prime location, offering a unique chance to secure a valuable asset in a high-demand market.