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Set on a substantial 1,011sqm approx. allotment in a highly convenient Heathmont position, this rare offering combines immediate rental income with approved development upside. Currently set up as three separately leased residences, each with its own kitchen and bathroom, the property returns $4,605 per calendar month, or $55,260 per annum. This provides an attractive income stream from day one, with the flexibility to continue leasing, land bank, or move forward with the approved redevelopment. The future pathway is already in place, with an approved planning permit and detailed plans for a four townhouse development. The approved scheme has been thoughtfully designed across the site, with two street-facing townhouses and two rear residences, a mix of three and four bedroom layouts, private open space, garaging, dedicated vehicle access and shared driveway arrangements already incorporated into the plans. With three existing rental incomes, a substantial Heathmont landholding and an approved four townhouse development, the property offers immediate return, long term flexibility and clear future upside. Positioned close to Great Ryrie Primary School, Aquinas College, Jubilee Park, Aquanation, Heathmont Village, Heathmont Station, Eastland Shopping Centre, EastLink, Tintern Grammar and Ringwood Secondary College, the location adds further strength for both tenants and future buyers. A rare Heathmont opportunity offering scale, income and approved future potential.