A charming lifestyle and development potential are twin attractions of a period home that has just listed in central Frankston.

Named St Ives, the three-bedroom Victorian house on 971sq m at 6 Petrie Street, was built 135 years ago and has been given a modern update.

The property is expected to generate strong enquiry levels and buyer interest, according to Barry Plant Frankston director Thomas Larkin.

“It was one of the first homes to be built in the area and is a chance to own part of Frankston’s early history,” he said.

“We expect plenty of interest because of its history and character, plus it is well known in the area. ”

Named by its first owner James Raeburn Petrie, a coal merchant from St Kilda and the street’s namesake, St Ives has changed hands only five times.

Set in what was then known as the Frankston Railway Estate, the detached Italianate-style villa is a fine example of late 19th century Victorian architecture.

“While the house has been lovingly updated and renovated, its character and charm have been retained,” Mr Larkin said.

The double-fronted house is set behind a lovely landscaped front garden with a fountain. It has a stained-glass entrance that leads to a grand and spacious interior designed for quality living and entertaining.

The spacious north-facing living area flows to an outdoor entertainment zone under the shade of an established olive tree. Porcelain stone benchtops and premium appliances gleam in the stylishly updated kitchen.

In addition to three generously proportioned bedrooms and a beautifully appointed bathroom, there is a home office or teenager’s retreat.

The property comes with architect-designed plans and permits to extend the existing home and build two townhouses at the rear of the block.

“It is in a good location close to the Bayside Shopping Centre, train station, shops, cafes and restaurants, and is just minutes to the beach,” he said.

The property also sits in the zone for the highly regarded Frankston High School, and has easy access to the Monash University campus, Chisholm TAFE and hospitals.

St Ives is listed for Sale by SET DATEⓇ on April 25 (unless sold prior) with a price guide of $1.45-$1.595 million.