Macquarie Asset Management has 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.
Backed by the $2.9 billion Macquarie Real Estate Partners (MREP) fund, Millbray has already secured more than 2,000 home sites across Queensland and New South Wales, representing a gross development value of $1.7 billion.
Work began today (Tuesday 9 September) on Millbray’s first development, Ashcroft at Flagstone, 51km south-west 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.
Located within Peet’s $3.9 billion, 126ha Flagstone City development, the first residents are expected to move into Ashcroft in 2026.
Pipeline in Toowoomba and Bundaberg
Millbray has also received approval to build a community in Highfields, Toowoomba – a suburb that is already home to a number of existing and planned land lease developments, including:
- A 231-home community proposed by developer Damien Gwynne;
- GemLife Highfields, launched seven years ago with homes priced in the low $400,000s;
- GemLife Highfields Heights, a $250 million, 23ha project announced last year, with homes starting from the low $700,000s; and
- Ingenia Lifestyle Highfields, a 520-home community proposed in December on a 33ha site.
In addition, a development application for a 301-home community at Innes Park, Bundaberg, lodged by Saunders Havill Group on Millbray’s behalf, is currently before Council.
“Queensland has been the initial focus of our strategy,” said Justin Ayre, Managing Director at Macquarie Asset Management, who has led the project.
“That reflects the maturity of the market there and sites that we’ve been able to access. But we expect NSW to be an increasing focus, and then we’ve got the ability to look at other states over time as well.
“We’d see ourselves playing towards the upper end of the market, but at the same time, being able to have a broad range of housing topologies and offers that does appeal to a broad range of over 50s.”
Millbray is headed by two sector heavyweights: former Ingenia Communities' Development Director Queensland, Matt Fedrick, and former Hometown Australia National Acquisition Manager, Rob Cross.
