For Sale

117 The Terrace, Ocean Grove, Vic 3226

$1,950,000-$2,100,000

House

Type

Bedrooms

Bathrooms

Parkings

815 m²

Area

Published on Tuesday, March 10, 2026 ( See property details for 117 The Terrace, Ocean Grove, Vic 3226)

$1,950,000-$2,100,000

View the agent price guide.

Peta Walter Barwon Heads Team

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Toby Lee Licensed Estate Agent

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AI Property Insight

AI-generated summary for guidance only. We can’t guarantee accuracy -please verify all details independently before deciding.

A versatile dual-dwelling property on a large block in Ocean Grove, offering exceptional development potential and flexible living options just moments from the beach and town centre.

🏡 Property Highlights

Two established dwellings on one title offering dual-income potential
Expansive 815sqm allotment with a wide 20m frontage in prime Ocean Grove location
Double-storey main residence with six bedrooms and multiple living areas
Separate three-bedroom villa ideal for multi-generational living or rental income
Potential for future redevelopment or further enhancement (STCA)
Close proximity to Ocean Grove beach, town centre, shops, cafes, and amenities

✨ Key Features

Garage
Open-Plan Living
Balcony
Waterfront / Views
Home Office / Study
Ensuite
Outdoor Area
Built-in Robes
Security Screens / Gates
Fly Screens

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117 The Terrace

Ocean Grove, VIC 3226

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Suburb and Property Insights of Ocean Grove, VIC 3226

Ocean Grove is a highly sought-after coastal suburb renowned for its stunning beaches, vibrant town centre, and relaxed lifestyle. Key highlights include its excellent surf and swimming spots, a strong community atmosphere, proximity to nature reserves, and convenient access to amenities. The area offers a perfect blend of seaside living and modern convenience, making it ideal for families, retirees, and investors seeking a premium coastal lifestyle.

Frequently Asked Questions

What are the potential uses for the dual dwellings on this property?

The property offers flexibility for multi-generational living, rental income, or redevelopment opportunities (STCA), making it suitable for various lifestyle and investment needs.

Is there scope for future development or subdivision?

Yes, the zoning encourages high-density development, and there is potential for future redevelopment or further enhancement subject to council approval (STCA).

What are the main features of the main residence?

The main residence is a double-storey home with six bedrooms, multiple living areas, a large kitchen, dining and family zone opening to a balcony with water glimpses, two bathrooms, laundry, and a double garage.

How close is the property to local amenities and the beach?

The property is just moments from Ocean Grove’s beach, town centre, shops, cafes, and amenities, offering a highly convenient coastal lifestyle.

Are there any restrictions or considerations for redevelopment?

Redevelopment potential is subject to council approval (STCA), and prospective buyers should verify zoning and planning regulations with local authorities.

What to ask about this property to agent?

Are there any existing planning restrictions or easements on the property that could affect redevelopment plans? What are the council rates and any additional costs associated with dual dwellings on one title? Are there any known issues with the structures, such as foundation or pest concerns? Is the property located within a flood or bushfire risk zone? Are there any upcoming planning or development proposals in the area that could impact the property’s value or use? What are the strata or body corporate considerations, if applicable? Are there any restrictions on future subdivision or land use changes? Has the property been recently renovated or updated, and are there any outstanding maintenance issues? What are the current rental yields or income potential for the secondary dwelling? Are there any noise or neighbour-related concerns in the vicinity?

117 The Terrace, Ocean Grove, Vic 3226 - More Details

$1,950,000-$2,100,000

The Feel:
Opportunities like this rarely present themselves along Ocean Grove’s tightly held Terrace. Set on an expansive 815sqm approx allotment with an impressive 20m frontage, this unique property offers exceptional flexibility with two established dwellings on one title. The original double-storey residence delivers generous family proportions with six bedrooms, multiple living areas and elevated outlooks, while a separate three-bedroom villa at the rear provides additional accommodation or rental income. Whether you choose to maximise dual-income potential, accommodate extended family, landbank for the future, or explore redevelopment opportunities (STCA), the scale and configuration of this property unlock remarkable possibilities. Positioned just moments from the beach and a short stroll to Ocean Grove’s vibrant town centre, this is a rare chance to secure substantial landholding, versatility and location in one compelling package.

The Facts:
-Expansive 815sqm approx allotment with wide 20m frontage in prime Ocean Grove location
-Two separate dwellings on one title, offering flexibility & dual-income potential
-Zoning encouraging high density development
-Front residence: double-storey home with six bedrooms & multiple living areas
-Large kitchen, dining & family zone opening to balcony with elevated water glimpses
-Additional lounge & sunroom providing multiple living spaces for large families
-Two bathrooms, laundry & double garage servicing the main residence
-Rear dwelling: separate three-bedroom brick veneer villa unit
-Ideal for multi-generational living, guest accommodation or rental income
-Approximately 400sqm of total building area across both residences
-Dual driveways & generous land dimensions 20.11m x 40.53m (approx.)
-Potential for future redevelopment or further enhancement (STCA)
-Walk to Ocean Grove beach, town centre, shops, cafes & amenities

The Owner Loves…
“We’ve always loved the flexibility this property offers. Having two homes on such a large block creates so many possibilities - whether it’s extended family, rental income or simply enjoying the incredible location so close to the beach and town.”

*All information offered by Bellarine Property is provided in good faith. It is derived from sources believed to be accurate and current as at the date of publication and as such Bellarine Property simply pass this information on. Use of such material is at your sole risk. Prospective purchasers are advised to make their own enquiries with respect to the information that is passed on. Bellarine Property will not be liable for any loss resulting from any action or decision by you in reliance on the information.

Type: House
Bedrooms: 9
Bathrooms: 3
Parkings: 4
Area: 815 m²

Price guide

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