Millbrook off-plans sales resurgence shows demand of quality
21 December 2012
Millbrook off-plans sales resurgence reflects demand for quality
Millbrook has been bucking the development recession trend, seeing a good resurgence in sales as it prepares to release its latest development to the public.
The multi-award-winning luxury lifestyle resort near Queenstown has recorded close to $9m worth of sales in the first quarter of its financial year for its own new developments, with re-sales for third parties on top of that.
Millbrook Property and Development Manager Ben O’Malley said the result was “hugely significant” as it equaled total new sales (not including re-sales) for the entire previous financial year.
That sales total was made up of seven sales -- including the show home at its popular McEntyre’s Tarn development, a house sale off the plans at Taramea Square, the last Mill Green site and four sites off the plans at its new Mica Ridge development (Stage 3A).
“We’re extremely pleased with the results, especially considering that five of those sales were made ‘off the plans’, something that was common several years ago at the height of the boom, but not something we’ve seen for some time,” he said.
“The four sales at Mica Ridge were all to existing members who were once again given an exclusive period in which to make offers, in advance of them being made available to the public. It demonstrates a real resurgence in investor confidence for what is a mature and reputable brand.”
Mica Ridge consists of 20 lots, and the nine ‘land-only’ sites were released sooner than intended to meet increasing demand for land, and following the sell-out of sites at Mill Green.
Mr O’Malley said that initially Millbrook intended to complete extensive subdivision works before releasing the sites for sale, but had buyers wanting to move earlier than that.
“For that reason we brought the release date forward, and clearly this was the right decision.”
Mr O’Malley said Millbrook Realty Ltd had brokered a combined total of $26m worth of new sales and re-sales in its last financial year to the end of September 2012, consistent with the previous year.
“After almost 20 years, Millbrook’s enduring quality, established brand and strong member focus continues to enhance the appeal of owning or investing in our five-star lifestyle properties,” he said.
“Our strategy of not flooding the market, instead releasing smaller developments as demand requires, has also been critical to sustained success.”
Mica Ridge will ultimately incorporate 20 freehold sites, including the nine in the initial release.
Located to the south of the 4th fairway of the Coronet Nine, the remaining sites range in size from 1303sqm to 1772sqm and sit in an elevated position.
“It’s an absolutely beautiful piece of land,” said Mr O’Malley.
“It’s North-sloping, set over three elevated ridges running North to South and with low gullies in-between being kept as open green spaces. All the elements that make Millbrook so special – water, golf, established trees, stone walls and wide panoramic views -- feature in this development.”
A new pond within the heart of this development will connect to Mill Stream.
Mr O’Malley said the sales were a vote of confidence as the resort prepared for 20th anniversary celebrations next year.
“This will be an opportunity to take stock of our successes and celebrate being the first luxury golf resort in the Queenstown and Arrowtown region, one that has endured and has never compromised its stamp of quality.”
Over the past four years, Millbrook has developed successful neighbourhoods including Coronet Square, McEntyre’s Tarn, Taramea Square and Mill Green, as well as a number of land-only sites, all clustered around the Coronet Nine golf course.
It recently reclaimed the title of Leading Golf Resort in Australasia at the 2012 World Travel Awards.