40-42 Playne Street, Frankston, Vic 3199

Sale by Set Date Closing Wednesday 11th November 2026 at 12pm

Nichols Crowder is proud to bring to market 40–42 Playne Street, Frankston – a substantial activity centre zoned landholding offering significant development potential in the heart of the Frankston CBD.

Comprising approximately 1,280sqm* of land and 550sqm* of existing building area, the property presents developers with the opportunity to secure a sizeable CBD site while benefiting from established holding income. 

Strategically positioned within the Frankston Metropolitan Activity Centre (FMAC), the property sits within an area identified for continued residential, commercial and employment growth. The FMAC planning framework supports the ongoing intensification and redevelopment of central Frankston, with the Playne Street precinct identified for increased building heights.

Importantly, the relevant FMAC framework provides for a preferred maximum building height of up to 12 storeys / 41 metres, presenting significant longer-term redevelopment potential for the site (STCA).

The property is positioned directly opposite the Alto Development (15 storeys), placing it amongst the continued transformation of this section of the Frankston CBD.

The property comprises ten separate commercial tenancies and currently generates a combined rental income of $139,450.56 per annum + GST + Outgoings.

The property has the potential to generate approximately $194,450.56 per annum + GST + Outgoings when fully leased, providing developers and landbankers with substantial holding income.

Key Property Highlights
* Substantial 1,280sqm* Frankston CBD landholding
* Approximately 550sqm* total building area (over the 10 tenancies)
* Activity Centre Zone
* Preferred building height of up to 12 storeys / 41 metres (STCA)
* Significant future redevelopment potential (STCA)
* Ten separate commercial tenancies
* Current rental income of $139,450.56 p.a. + GST + Outgoings
* Potential fully leased income of approximately $194,450.56 p.a. + GST + Outgoings
* On-site car parking at the rear via Arthurs Lane
* Prominent Playne Street position, adjoining Council Car Park
* Directly opposite the Alto Development (15 storeys)
* Close to Frankston Station, Bayside Shopping Centre, major retailers, hospitality and surrounding amenities

For Sale by Set Date closing Wednesday 11 November 2026 at 12pm.

Open for inspections:
- Wednesday 14th October 1.00-1.30pm 
- Wednesday 21st October 1.00-1.30pm
- Wednesday 28th October 1.00-1.30pm
- Wednesday 4th November 1.00-1.30pm 

Disclaimer:

For further information or to arrange an inspection, please contact the listing agent.

PLEASE NOTE:

* All information and measurements are approximates. Please refer to Contract of Sale and/or Lease documentation. All images subject to copyright.

 

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