239 Palmerston Avenue, Dromana.

Rich in character, versatility and timeless appeal, this remarkable early-1900s residence presents a rare opportunity in the heart of Dromana. Set amongst established private gardens and offering beautiful bay and hillside views, the property combines a grand main residence with a separate cottage and self-contained apartment. Representing an incredible investment opportunity with a potential return of approximately $1,300 per week. Thoughtfully updated while retaining its period charm, this unique property offers an exceptional lifestyle for extended or multi-generational families, or an exciting opportunity for those seeking multiple accommodation options and potential income streams. At the heart of the main residence, generous proportions and period details create a warm and welcoming atmosphere. The spacious lounge and dining area features a fireplace and reverse-cycle heating/cooling, complemented by an inviting entrance hall and dedicated study/sitting room/additional bedroom. The stylish stone kitchen is designed for effortless entertaining and everyday living, featuring quality Bosch appliances, a butler's pantry and a newly updated laundry. Two generous bedrooms are serviced by a beautifully appointed bathroom with rainfall shower, vanity and separate toilet. Upstairs, a private main retreat provides an enviable sanctuary with new carpets, reverse-cycle heating/cooling, wet bar/kitchenette, walk-in robe, new ensuite and access to a private terrace. Separate Cottage Offering excellent flexibility for guests, extended family, Bed &Breakfast, longer term rental accommodation or potential other home business use (eg. yoga studio, art class venues) STCA, the charming cottage comprises. open plan lounge and dining area with reverse-cycle heating/cooling, neat, functional kitchen, two bedrooms, bathroom and laundry. Self-Contained Apartment A further independent living space provides: Open-plan living, meals and kitchen, Reverse-cycle heating/cooling and generous bedroom with views of the hillside, with a compact bathroom and toilet on the ground floor. Outdoor Living & Additional Features Expansive rooftop entertaining terrace showcasing beautiful bay and hillside views. Central covered patio providing a private outdoor gathering space. Large established gardens with room for construction of a swimming pool and pool house (STCA), and a wonderful sense of privacy. Dual street access, Double garage plus additional off-street parking. Multiple independent living zones offering exceptional flexibility. Potential for three separate income streams with estimated aggregate return of up to $1,300 per week. Conveniently positioned within walking distance to local schools, shops, cafés and Dromana's stunning beaches. Whether you're looking for an extraordinary family home, a flexible multi-generational property or an investment with multiple accommodation options or a mix of all of the above, this distinctive Dromana residence offers a rare combination of period grandeur, modern comfort, privacy and potential.