A Forrest property, that has development approval for multiple homes, has hit the market with an alluring price.
While the median price for a house in Forrest is $4.51 million, according to CoreLogic data, the home at 12 Hobart has a price guide of $3.65 million plus.
The existing four-bedroom home on the large 1232sqm site may be pretty ordinary.
It has just one-bathroom and original features including wood panelling and a dated kitchen.
But the value of this property lies in its potential for new development.
Approval for works - including the demolition of the existing house and construction of three dwellings on the property - was made by the National Capital Authority in June 2020.
There is no time limit under which these dwellings must be built.
Selling agent Bill Lyristakis of Berkley Residential said the previous owners of the property had plans to knock down the existing house and build three townhouses.
Since the previous sale, plans have been lodged for approval of two homes with a basement garage on the property.
Early architectural drawings and renders show two luxury double-storey builds with separate pools.
Zoning on the property also provides potential for the creation of a larger "dream home", according to the listing.
Given the potential of the property, Mr Lyristakis said he anticipated "the buyers could be developers or builders".
He said the listing would also lend itself to a family hoping to renovate the existing home.
"It is a terrific location close to Manuka, the Parliamentary Triangle and easy access to the city and Woden," Mr Lyristakis said.
"There are also great schools nearby."
The property is 200 metres from Forrest Primary School and less than a kilometre from Telopea Park School and Canberra Girls Grammar School.
