Perfectly positioned in a sought-after pocket of the exclusive inner bayside suburb of Elwood, this extremely rare and potential-rich 694sqm (approx.) parcel of prime land represents an exciting investment or development opportunity with multiple possibilities.

Currently housing a charming circa 1880 Hawthorn brick double-fronted residence, the opportunities abound to take advantage of its 20m frontage to build something truly special (STCA) or utilise the plans and permits for six town houses that are already in place.

Alternatively, embrace the generous dimensions and soaring 4.1 metre ceilings of the alluring seven bedroom period house and restore it to its former glory or completely transform it with a luxurious contemporary renovation and extension.

Beyond the gracious veranda with intricate latticework, a wide hallway introduces the old-world grandeur and the stately proportions that are the hallmarks of properties of this era.

Two grand rooms at the front of the house – one that could be used as a master bedroom - enjoy garden outlooks through their ornate sash windows and are blessed with original fireplaces, detailed ceiling roses and period pendant lighting.

They are joined by six further bedrooms and two central bathrooms. At the rear, a more recent extension houses the sunny kitchen and meals area with more leafy outlooks.

Whichever path you ultimately take, realise the investment opportunity of this impressive prospect by renting the house out while plans are finalised.

Located just seven kilometres from the CBD and standing commandingly in a picturesque tree-lined street, this enticing possibility is a short stroll from vibrant Acland Street, Elwood Village and St Kilda Botanic Gardens, with the foreshores of both St Kilda and Elwood within easy reach and Ripponlea station and Brighton Road trams providing direct city access.