Resting on a huge 1833m2 (approx.) block, this spacious three-bedroom plus study home is located within Residential Growth Zone – Schedule 1 (RGZ1) and presents a lucrative development opportunity for the builder/developer looking for a larger project (subject to council approval). With all services connected, the discerning buyer will take note that the neighbouring property of the same size boasts 13 units which are currently under construction. This is a rare opportunity to secure a substantial slice of real estate with a prosperous future. There's also a superb prospect to lease out the current dwelling while awaiting plans and permits. Set beyond a brick-veneer exterior, the home offers a light-filled lounge adjoining a spacious fully-equipped kitchen boasting an upright gas cooker, tiled splashback, bench space, surplus storage cupboards and meals area. Additional features include; three large bedrooms, main bathroom, separate laundry, gas ducted heating, air-conditioning, single garage, workshop and double carport. Lilydale is poised only 34 km's north-east of Melbourne's Central Business District and is set in a serene location. The gateway to both the Dandenong Ranges and the Yarra Valley, Lilydale offers ample opportunities to enjoy a vast array of serene locations that are enriched with tranquility, such as peaceful parks, walking trails and reserves. Boasting excellent public transport with both bus and train services available, as well as providing surplus amenities at your fingertips with shops, cafes and restaurants nearby, this delightful suburb is the perfect place to call home. The property is set in an ultra-convenient location, just a brief walk from Lilydale Railway Station, Main Street shopping outlets, Warburton Trail, Old Pound Reserve, Lilydale West Primary School, Lilydale Heights College, St. Patrick's Primary School, as well as being just a short drive from Lilydale Lake Park, EastLink freeway, Yarralinda School and Mount Lilydale Mercy College. Located in a high growth corridor, the potential return here will motivate the serious buyer.