On charming tree-lined Market Street in the heart of Trentham's town centre, stands this unique property steeped in history and brimming with potential. The distinguished 1890s double-fronted façade introduces a sizable commercial space and street frontage, beyond which are a cosy studio, and a vacant block that's ripe for imagination. You could run a business in the retail space, stay in the studio and develop the back lot for potentially three sources of income. Stella investment gross yield of 4.8%pa with combined rental return of over $41,000pa. Spanning 43 sqm approx., the charming commercial premises is a bright, airy and adaptable canvas. Its exposed high cathedral ceilings evoke a sense of wonderful openness, complemented by a commercial food handling set-up, and a split-system air conditioner. A toilet with hand basin is handy, and there is space for outdoor dining (STCA). The residential counterpart is akin to a country-style pied-à-terre spread across 35 sqm. Entered via a floor to-ceiling timber front door or courtyard French doors, the light-filled layout features a bedroom, an open-plan living and country-style kitchen with farmhouse sink, and the rustic charm of a Nectre wood fire. Electric cooking appliances cater to everyday needs, and the convenience of a bathroom and roof storage adds comfort. The character-filled interior mirrors the same soaring ceilings as the shopfront, enhancing the airiness of the space. Complete with a private rear courtyard planted with flowering pear, rosemary and olive trees, Tuscan stone reminiscent of the Mediterranean, off-street parking, it's ready to live in or to let out immediately. Beyond a gate at the rear lies the untapped parcel of land of approximately 126 sqm. Plans by Unicorn Architecture & Construction for redevelopment into a two-storey barn are available. These were previously passed by Hepburn Shire but have lapsed, and provide a glimpse into what could be. These plans, complete with elevations and renders, present a vision that a new owner might bring to fruition, with the understanding that a new submission to the council would be necessary. Alternatively, the land could accommodate a small second home, a possibility made more accessible by recent amendments to Victorian planning laws. This secondary dwelling could be seamlessly integrated into the existing infrastructure, (STCA), offering yet another layer of appeal. This Trentham treasure is not just a property but a tri-fold opportunity: a commercial venture, a residential space, and a land development prospect with separate proven rental return from the shop and residence. Ideal for the savvy investor or the entrepreneurial spirit, it promises multiple income streams. Located conveniently close to schools, shops, local cafés, the Trentham Recreation Reserve, and the Golf Club, and under 90 minutes' drive away from Melbourne's CBD via Calder Freeway, this is an opportunity poised for prosperity.