1 & 2/8 Reverie Street, Long Gully, Vic 3550

The possibilities begin with the land. The 1053m2 (approx.) dual-access block extends through to Bray St and comes complete with a planning permit for a two-lot subdivision.

The attractive federation weatherboard residence, with its bullnose verandah and elegant lattice work has been divided into two separate two bedroom units, each with its own carport.

You could live in one unit and rent the other or you could reunite the two units to create an elegant large family home. The entrance to unit 1 is at the front while the entrance to unit 2 is via a ramp at the side of the house.

The house comprises stunning original leadlight windows, polished floorboards, skirting boards and ornate wooden mantels in the sitting rooms. The living rooms and bedrooms, with built-in wardrobes, are generously proportioned and carpeted.

The light-filled kitchens, bathrooms and laundries are at the rear of the building and provide easy access to rear balconies.

Both units, while liveable, could be upgraded. Living in one unit while renovating the other is a possibility. Those with an eye for development will recognise the lucrative potential of the planning permit. And tradies will want to take advantage of the rear street access to add garages and a workshop (STCA).

For families with young children, St Peter's Primary and Havilah Road Preschool are a short walk away, while green spaces are close by. A five-minute drive gets you to Bendigo Health; two minutes more will have you at the city centre.

This property's convenient location, combined with its wealth of possibilities, presents you with a prospect worthy of further investigation.