Advantages and disadvantages are of buying residential property in an area which has approval for commercial developments?

Hi All, Just wondering if anyone happens to know what the advantages and disadvantages are of buying residential property in an area which has approval for commercial developments? Will I be paying a premium simply because the property is commercially zoned? The rental yield for the property is fantastic however, in my research I discovered that this property was previously purchased less than two years ago at almost half the current asking price with little movement in the general area as far as capital growth is concerned. That said the price is still reasonable in comparison to other similar residential property in the area so not sure whether it is a good deal or not? ANY advice greatly appreciated.

Thank you