Position and potential go hand in hand at this handsome Victorian home just meters from Toorak Road cafes, boutiques, trams and Chapel Street.,

The single-storey home, once part of the Como estate, in one of South Yarra's most acclaimed streets, is a tranquil oasis set on a sprawling garden allotment of 1155sqm with a swimming pool. It is ready to be taken to another level with an inspired renovation taking account of its excellent floorplan, or to build your own luxurious dream home or multi-dwelling development (STCA).

Whatever way you choose to go, it represents an irresistible opportunity for the savvy buyer.

Stunning natural light filters inside from beautiful bay windows in the home's striking faade, while inside original features of a central arched hall, elegant bay windows, striking fireplaces and high ceilings meld beautifully with vibrant and eclectic interiors. The flexible floorplan provides for up to five bedrooms, formal and informal living, a study, three bathrooms with handcrafted Portuguese tiles - including an ensuite to the main bedroom, open-plan kitchen and a multi-purpose studio or family room.

A generous bedroom, study and sitting room are off the central hall, while the transverse hall houses a booklined study or den and the main bedroom has a private sitting area, walk-in wardrobe and ensuite. Another living room and the adjoining dining room have garden outlooks, while the kitchen with a combination of Ilve, Miele and Gaggenau appliances overlooks the garden and the informal meals area. Beyond the kitchen a studio/family room, with storage and pool bathroom could easily be a "work from home" space. More features of this hidden gem are its jarrah floors, laundry, storage, heating, air conditioning, alarm, external security shutters and parking for up to seven cars behind electric gates.

From this distinguished address walk to Toorak Village, the Como Centre and Chapel Street dining and retail precinct, South Yarra Station, city -bound trams, Como Park and Yarra River walking tracks. Schools, from Melbourne High School through to a range of elite private schools are also withing easy access.