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First Sections Release a 'Resounding Success'

Media Release from Millbrook
December 21 2006

First Sections Release a 'Resounding Success' -- $17 Million Sold in Two Months

The first partial release of sections in a major residential development at Queenstown's five-star Millbrook Resort has been a resounding success.

Fourteen of 16 sites for the new Millbrook West development have been sold to Millbrook Country Club members after offers from members were invited by December 14.

The sections available had a price guide from $875,000 to $1.45million, using an 'offers over' method of selling similar to a tender. Millbrook Property and Development Manager Ben O'Malley said the 14 sites sold for a total of just over $17 million.

"It has been the biggest land grab in Millbrook's history with an outstanding level of interest," he said. "It's a simply outstanding result for Millbrook, a resounding success.

"We were targeting double figures so it's certainly exceeded our expectations, and the people who've bought the sections are absolutely thrilled to have secured a site."

Mr O'Malley said the majority of sections went to Kiwis.

"A lot of them are locals who are planning to build and live there, which is especially pleasing when one of our goals is to create an even stronger Millbrook community through greater numbers of permanent residents."

The initial partial release of Stage One sections, all large 1320sqm to 2270sqm sites, is part of a planned half a billion dollar development. The release to members was in recognition of their loyalty to the resort, which Mr O'Malley said had been fully vindicated.

"Its proof that our 300-plus members recognise the value of further investing with Millbrook as a proven, quality product and they've voted with their cheque books," he said.

The remaining sites in stage 1A are now available to the public with stage 1B expected to be released in autumn 2007. The development, including a new nine-hole golf course designed by Greg Turner, will eventually include around 200 homes. Work is scheduled to start in autumn 2007.

The building sites are on sunny, elevated North-facing slopes overlooking the new and existing golf courses, all with 360-degree views to Coronet Peak, the Crown Range and The Remarkables mountain ranges.

ENDS

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