Arrowtown’s exclusive Millbrook Resort is launching new building sites for sale to address pent-up demand.
Millbrook property and development manager Ben O’Malley is today announcing the release of Stage 3A around the new Coronet Nine golf course.
Situated south of the fourth fairway, the new development area incorporates 20 freehold sections, nine of which are being released as building sites.
The release comes as Millbrook sells the last of its nine Mill Green sections at Coronet Nine. Just two other re-sale sections are left at the resort outside of the new Stage 3A release.
“Land-only sites are continuing to prove popular, so much so that we now have a shortage, prompting us to accelerate the release of this next stage,” O’Malley says.
Eleven Coronet Nine house-land packages have also sold for about $2 million a pop.
Millbrook Country Club members will again be offered first pick of Stage 3A.
Millbrook property owners all buy into the country club but O’Malley says two non-owners recently joined to access this early-bird opportunity.
The new sites – from 1303 to 2029 square metres – will be tendered but O’Malley expects them to range between $800,000 and $1.25m.
Marketing to the wider public will step up once subdivision works are completed prior to next winter, he says.
Stage 3A is set over three elevated north-sloping ridges.
A new pond within the heart of the development will connect to Mill Stream which runs throughout Coronet Nine.
“All the elements that make Millbrook so special – water, golf, established trees, stone walls and wide panoramic views – feature in this development,” O’Malley says.
“Our development continues to perform very well at a time when many land developments are experiencing slow growth.
“Conditions are still tough out there, however ongoing interest in both property and memberships is resulting in consistent sales activity.”
O’Malley says Millbrook’s strategy of not flooding the market has been critical to its success.
Millbrook Realty Ltd brokered $26m worth of new sales and re-sales in its last financial year to the end of September, he reveals.
That’s consistent with the previous year, he says.
Millbrook Country Club added 24 new families to its membership during the past year.
Millbrook – still owned by its Japanese founding family – celebrates its 20th birthday next year.
“We’re not like some of the other developments which have probably got a lot of debt that’s forcing their hands to sell down in a hurry,” O’Malley says.
Meanwhile, The New Zealand Herald this week reported that Millbrook’s Streamside Lane is NZ’s fourth-most expensive street. Homes there have a median value of $2.8m.