Don Lyons

Stanley homes key test for luxury sector

PUBLISHED : Thursday, 11 February, 1999, 12:00am
UPDATED : Thursday, 11 February, 1999, 12:00am

Three houses in Stanley will be sold next month in a key test of sentiment for the luxury sector.


The houses, measuring 4,000 to 4,500 square feet, are expected to fetch at least $25 million each.


Agent Jones Lang Wootton will handle the tender sale.


The properties are houses B, C and D in Stanley Breeze, No 12 Stanley Beach Road. Completed in March last year, each house has five bedrooms, a swimming pool, terrace and a back yard of about 2,000 square feet.


Houses B and C are tenanted and generate monthly rents of between $142,800 and $160,000 per month.


According to one agent, these two should be able to achieve yields of about 6 per cent. House D is unoccupied.


Agents said it was difficult to gauge market sentiment as there had been so few transactions in the luxury sector recently.


However, they thought each unit would sell for $25 million to $30 million, or slightly higher for the vacant house.