One of the first substantial sites within the new Housing Choice & Transport Zone in blue-chip Malvern has hit the market, offering buyers exceptional development potential close to busy Glenferrie Road and the Cabrini Hospital precinct.

Fitzroys’ Chris Kombi and Lewis Waddell are marketing 2 & 4 Drysdale Street, Malvern for sale via Expressions of Interest closing Wednesday, 21st October at 3pm, on behalf of an estate.

Interest is expected from $4.8 million.

On a significant combined landholding of 1,158sqm across two titles, with prominent frontage of more than 27m, the property is offered with immediate holding income and vacant possession flexibility.

Number 2 is vacant and is improved by a substantial character residence with five bedrooms and multiple living areas, while 4 has an established medical facility occupied by Malvern Rheumatology with a short-term lease with the opportunity to extend to the longer-term.

The property presents one of the first tests of the market for the new Housing Choice & Transport Zone (HCTZ1). The planning zone has been introduced by the Victorian Government under the Stonnington Planning Scheme to support higher-density, transport oriented development in Malvern and Malvern East, as part of the Activity Centres initiative that encourages high- and medium- density housing around train and tram connections and services hubs.

Lots or contiguous lots within the Zone spanning 1,000sqm or more and with a frontage of more than 20m are permitted for developments of up to 21.5m, or six storeys.

“Above all, this is an increasingly rare opportunity to secure a substantial landholding in sought-after Malvern with immediate holding income, vacant possession flexibility, and significant future development potential (STCA),” Waddell said.

“The site’s zoning, size, wide frontage and excellent location make this an ideal development prospect.”