A truly rare offering, these two homes on one title present exciting potential to further capitalise in a desirable bayside pocket. Set on a level rear north 992sqm block with R3 zoning, stroll to popular cafés, waterfront parks and sandy beachfront. Formally approved for sub-division, this site offers redevelopment potential for townhouses, dual occupancy, or boarding homes (STCA). - Offers flexibility to occupy now, renovate, invest or rebuild (STCA) - Current DA approval for a subdivision, 470sqm and 521sqm, perfect for renovation - Development Potential for townhouses, dual occupancy or boarding homes (STCA) - Currently receiving a dual income of $1000 per week - Front home is an original 1960s cottage with 3 Bedrooms, 1 Bathroom - Rear home is a 4 Bedroom alpine-style home - Private north-facing outdoor entertaining area and sun washed garden - Features spa bathroom plus extra powder room, multiple garden sheds - 200m to Sandringham Beach - Stroll to Café Bella Dee and the Sailing/Motor Boat Clubs