117-119 Gilbert Road, Preston

Few properties can claim a ballroom, a stage and a landholding of this size. Set on approximately 887sqm across four allotments with a 24.3m frontage, rear laneway access and parking for up to ten cars, this historic Art Deco residence is as unusual as it is opportunity-rich. Six bedrooms, soaring ceilings, fireplaces and original detail give it immediate character, while the sheer scale leaves the next owner with an impressive range of directions to choose from. The ground floor gives the home its substantial base. A generous lounge with a decorative ceiling dome sits alongside a separate dining room, while the central kitchen includes a dishwasher and meals area. Four bedrooms, a second kitchen, bathroom with bath and shower, separate toilet and a laundry add to the flexibility. Upstairs is where the interior becomes something else entirely. A vast theatre or ballroom with its own stage creates an unforgettable upper level, flanked by two rooms that could be used as bedrooms, studies, games rooms, creative spaces or work-from-home areas. And this is only where its unique story begins. Renovated and reconfigured with imagination, it could be transformed into an extraordinary family domain. For investors, it suggests shared accommodation or strong rental returns while longer-term plans take shape. Given the size of the land, the laneway access and the frontage, it also presents outstanding scope for a luxury multi-unit development, subject to council approval. The prestigious position strengthens the appeal. Moments from Miller Street shops and eateries, the No. 11 tram, H Swain Reserve, Merri Creek trails, Preston Station, Preston Central and Preston South Shopping Centre, it is zoned for Bell Primary School and Coburg High School, with St John's College and Antonine College close by.