THREE Frankston North neighbours have banded together in search of a multimillion-dollar sale for their combined lots.

They hope to sell 25, 27 and 29 Aleppo Cres as a multi-unit development site or for a childcare or medical facility.

The long-time owners are seeking more than $1.65 million for the combined 1807sq m block.

This is the first time three adjoining homes have been offered for sale in the suburb, Eview Group agent Paul Duff said.

“Such a three-in-one collaboration should maximise the prices the properties can fetch compared to being sold individually,” he noted.

The houses will not be sold individually if a buyer for all three does not emerge.

Two more neighbours were also canvassed to join the trio but have decided to sit back.

Some of the Allepo Cres vendors with listing agent Paul Duff (far left).

The site can be developed for a minimum of six units while a land banker can expect rental income of $40,000 a year.

Having two street frontages should also add to the interest for the combined block, Mr Duff said.

The suburb has seen prices surge over the past year, with a nearby three-bedroom house at 17 Windoo St fetching a suburb record $611,000 in July.

The Aleppo Cres sale by tender closes on October 10 and includes two three-bedroom houses and a four-bedroom property. The owners have lived in the area for 10 to more than 20 years.

The median house price in Frankston North was just $410,000 in the year to June, according to CoreLogic data. The median price has risen a strong 57.7 per cent over a three-year period.

There are few units and townhouses for sale in the suburb, with just eight unit sales reported in the 12 months to June.

But strong demand from investors, developers and first-home buyers has led many larger blocks to be developed for units and townhouses.

The Aleppo Cres properties are conveniently located for access to the beach, Frankston town centre, shops, schools and transport.

SEE SUBURB PROFILE FRANKSTON NORTH