Houses are being built at Millbrook Resort, near Arrowtown.
The new Mica Ridge development is visible to the right of
the picture. Photo supplied.
Millbrook Resort has been bucking the development
recession trend, with a resurgence in sales before the public
release of its latest development.
The resort, near Arrowtown, has recorded almost $9 million in
sales in the first quarter of its financial year, 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 equalled total
new sales - not including re-sales - for the entire previous
That sales total was made up of seven sales - the show home
at its 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
''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
''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
''It demonstrates a real resurgence in investor confidence
for what is a mature and reputable brand,'' Mr O'Malley said.
Mica Ridge comprised 20 lots, and the nine ''land-only''
sites were released sooner than intended to meet increasing
Initially, Millbrook planned to complete subdivision works
before releasing the sites for sale, but it had buyers
wanting to move earlier than that, he said.
''For that reason, we brought the release date forward, and
clearly, this was the right decision.''
Millbrook Realty Ltd had brokered a combined total of $26
million of new sales and re-sales in its last financial year,
to the end of September 2012, consistent with the year
''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 have 20 freehold sites, including
the nine in the initial release. Located to the south of the
fourth fairway of the Coronet Nine, the remaining sites are
elevated and range in size from 1303sq m to 1772sq m. Mr
O'Malley said the sales were a vote of confidence as the
resort prepared for 20th anniversary celebrations next year.