A large block 400 metres from the lake foreshore in Pelican has hit the market for the first time in almost 30 years.
The site at 62-64 Soldiers Road spans 1075 square metres across two titles and includes an old church hall.
First National Real Estate Andrew McGrath listing agent Rob O'Brien is marketing the property for sale for $1.45 million.
CoreLogic records show the property was sold off by Jehova's Witnesses Pty Ltd in 1995 for $158,000.
"The old church sits on two titles and has not changed hands for around 30 years," Mr O'Brien said.
"Land in Pelican is very scarce and the suburb is reasonably tightly held.
"It always has been because it only has a limited supply."
CoreLogic data shows there are only around 350 houses in the lakeside village.
Read more: 'Under the hammer: Tiny one-bedder at Pelican sells for $700k'
"The last vacant land sale was in 2010 and there have been only six land sales between 2001 to 2010, so it is rare," he said.
"Whlist this one has an old church on the block, it's a good opportunity for a buyer to remove the building and redevelop it."
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The property has R2 low density zoning.
Mr O'Brien said the size of the land made it suitable for either a multi-dwelling development such as townhouses or to build on each individual block (subject to council approval).
"It offers a number of different uses and certainly it is an opportuity for a developer to build a boutique development," he said.
"Otherwise, for example, a family could secure the two blocks and build two side-by-side homes, so there are plenty of options."
The north-facing block is opposite public reserve and adjoins the Pelican RSL Club car park.
Mr O'Brien said the property was owned by a private company and was used as a residence after it was sold by the church.
"It was converted into a two-bedroom dwelling but it has been vacant for a number of years now," he said.
"We have had a couple of enquiries including from a builder from Sydney since it went live."
Read more: 'Three-bedder in Pelican sells $250k above reserve at auction for $1.2 million'
The median sale price of a house in Pelican is $1.07 million, according to CoreLogic.
The most expensive house in the suburb is a modern five-bedroom, three-bedroom property opposite the lake on 701 square metres at 78 Lakeview Parade which fetched a record-breaking $1.81 million in November 2021.
CoreLogic records show 20 houses in Pelican have sold for more than $1 million since the first in December 2019 when a five-bedroom property at 8 Lakeview Parade sold for $1.228 million.
The median house price in the suburb has increased a whopping 74.9 per cent in five years and increased 19.3 per cent in the past 12 months.
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