Macquarie-backed Millbray adds to its land lease pipeline
Backed by the $2.9 billion Macquarie Real Estate Partners fund, Millbray claimed it has already secured more than 2,000 home sites across QLD and NSW.
The newest entrant to the land lease community sector has flagged another site, continuing to quietly build its development pipeline in Queensland.
Macquarie Asset Management officially unveiled Millbray, a new vertically integrated land lease communities group, with plans to deliver at least 5,000 homes along Australia’s Eastern Seaboard in September.
Backed by the $2.9 billion Macquarie Real Estate Partners fund, Millbray claimed it has already secured more than 2,000 home sites across Queensland and New South Wales, representing a gross development value of $1.7 billion.
Its first development is Ashcroft at Flagstone, 51km southwest of Brisbane. The 293-home project will span 12ha and feature 5,000sqm of resident amenities, including a 25m lap pool, gym, bowling green, pickleball courts and cinema.
Millbray paid residential developer Peet $17 million for the site in a deal brokered by Colliers.
Matt Fedrick, General Manager of Development, said: “We’ve been incredibly encouraged by the response to Ashcroft throughout the pre-launch marketing campaign. The level of enquiry and the quality of conversations we’re having with prospective residents has reinforced the strength of the Ashcroft vision. It’s clear the market is resonating with the offering and the Millbray brand. This momentum sets a strong foundation as we move toward our formal sales launch in the new year.”
In addition to Ashcroft, Millbray has secured a project in Highfields, which will extend Millbray’s footprint into the Toowoomba region.
Toowoomba – located 132km west of Brisbane in the Darling Downs region – has become a magnet for new retirement and land lease developments as rightsizers seek affordable, regional lifestyle options, The Weekly SOURCE reported in October.
Millbray’s second project, a 301-home land lease community in Innes Park, a coastal town in Bundaberg, is also progressing through the development application process.
