Millbrook's sales surge

Houses are being built at Millbrook Resort, near Arrowtown. The new Mica Ridge development is visible to the right of the picture. Photo supplied.
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 financial year.

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 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.

''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,'' Mr O'Malley said.

Mica Ridge comprised 20 lots, and the nine ''land-only'' sites were released sooner than intended to meet increasing demand.

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 before.

''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.