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Millbrook Development Sells Within Three Months

April 12 2006

Multi-Million Dollar Millbrook Development Sells Within Three Months

The launch of a multi-million dollar residential development at Queenstown’s Millbrook resort has been a resounding success in a clearly tightening market.

All six exclusive fairway frontage homes at Streamside have sold off the plans within three months of being launched on the market.

Streamside homes are in a sought-after location within the award-winning resort, on the edge of the 10th fairway. To the south is the peaceful meandering Mill Stream, in the heart of the Millbrook landscape and the link to the Streamside name.

Millbrook property and development manager Ben O’Malley said the speed with which the properties had sold, from $3.2 million each, said much for the design of the homes, their exceptional location and Millbrook Country Club’s proven background as a developer of premium properties.

“Four of the six properties have sold to existing Millbrook members who are either upgrading or who have had properties here in the past and are coming back in,” he said.

“It’s a great compliment to Millbrook that they want to reinvest in the resort.”

Mr O’Malley said four of the six properties were going to Kiwis, and two to overseas owners.

“That says a lot for how Kiwis are perceiving the value and growth of Millbrook. In the last three years, only 25% of sales within the resort have gone to foreign owners. That’s a real swing to the Kiwi market. A lot of those have been expats wanting their slice of Wakatipu gold.”

Mr O’Malley said Millbrook had experienced phenomenal growth in property sales and appeared to be bucking any national trends.

“All the things that make Millbrook special are really coming into their own now,” he said.

“General property sales around three or four years ago were about $11million a year. In the first six months of this financial year it has already reached $33 million, including Streamside.”

Final consents for the Streamside properties are currently being processed with work scheduled to start in late April.

Horrell Construction will be responsible for the civil works, and negotiations are well advanced with well-regarded Queenstown construction companies Naylor Love and Rilean Construction, both of which have worked on several projects at Millbrook. Millbrook’s own in-house project management team headed by Geoff Martin will handle project management.

Work is scheduled to be completed between May and October 2007.

For more information on the Streamside project please see www.millbrook.co.nz

ENDS

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