Billionaire Leda boss Bob Ell sells Kao Farm at Pimpama
A Gold Coast-based billionaire who spent more than $11m upgrading one of his homes has sold it for a staggering sum.
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Billionaire developer Bob Ell has sold his weekend farm retreat at Pimpama for $20.46m.
Mr Ell bought the 63.9ha Creek Street property, which sits just off the M1, in 2015 and spent more than $11m revamping it into a state-of-the art farm, with Olympic-level facilities.
Kao Farm has a full equestrian area, fenced horse paddocks, a shortage shed which doubles as a homestead and a caretaker’s cottage.
The property is approved for at least two further homes.
Sales agent Steven King of Colliers said the location and scale of the property attracted significant interest, including 128 inquiries, from investors and developers.
“With a property of this scale, which is very rare for Pimpama these days, many saw it as a future land-banking opportunity in one of Australia’s fastest-growing suburbs,” he said.
“We also received a strong level of inquiry from buyers attracted to the lifestyle offering because of the site’s proximity to amenities and the convenient access south to Gold Coast beaches and north to Brisbane’s CBD. The owner has spent a great deal on improvements since acquiring the site in 2015 which has added to the appeal of the property.”
In a rare interview in January, Mr Ell told the Bulletin he was selling his weekend retreat to turn his attention to his Kings Forest project on the Tweed.
“We were not using it as much anymore and now Kings Forest is happening, there will be plenty of land down there for a weekend retreat,” he said.
“Things are getting underway down there as we begin the first stage, which will have 360 blocks, and we hope to get it on the market within 12 months.
“It’s been a long, hard road but we are finally there and with this happening, the farm became a bit obsolete for us.”
Mr Ell had intended to begin construction of both his Kings Forest and Cobakai Lakes projects in Tweed in early 2020 but both were put on hold when Covid hit.
Billionaire Bob to sell the farm
January 17, 2021: Billionaire businessman Bob Ell is finally breaking ground on his giant cross-border Kings Forest development – and he’s selling the farm to make it happen.
In a move nearly 30 years in the making, the Leda Holdings boss is pushing the button on the subdivision, which is half of his $1bn plans for the Tweed.
But while he’s building one of the largest housing projects in the region’s history, Mr Ell has put one of his own homes on the market – the 63.9ha Kao Farm at Pimpama.
In a rare interview, Mr Ell told the Bulletin he was selling his weekend retreat to turn his attention to the new development.
“We were not using it as much anymore and now Kings Forrest is happening, there will be plenty of land down there for a weekend retreat,” he said.
“Things are getting underway down there as we begin the first stage, which will have 360 blocks, and we hope to get it on the market within 12 months.
“It’s been a long, hard road but we are finally there and with this happening, the farm became a bit obsolete for us.”
Mr Ell had intended to begin construction of both his Kings Forest and Cobakai Lakes projects in Tweed in early 2020 but both were put on hold when Covid hit.
Mr Ell, who divides his time between the Gold Coast and Sydney, bought the 605.4ha Cobaki property southwest of Gold Coast Airport in 1994 and has long attempted to make the housing estates a reality.
Kings Forest is expected to be ultimately home to 4500 properties while Cobaki Lakes will become a 5500-home masterplanned community.
Mr Ell said the projects would relieve pressure on the housing market, which is currently experiencing historically low vacancy rates.
Low housing supply levels, coupled with an unprecedented surge in interstate migrants on the back of nearly two years of Covid lockdowns in southern states, has seen developers fast-tracking projects onto the market.
Mr Ell bought the Creek Street property, which sits just off the M1, in 2015 and spent more than $11m revamping it into a state-of-the art farm, with Olympic-level facilities.
Kao Farm has a full equestrian area, fenced horse paddocks, a shortage shed which doubles as a homestead and a caretaker’s cottage.
The property is approved for at least two further homes.
Mr Ell said the site would be suitable for either private buyers or the Gold Coast City Council.
“It could even be a good koala habitat for the council if they were in the market for such a thing,” he said.
“(Council) lacks enough sporting fields so it could be good for that too.”
Colliers is handing the expression of interest campaign for the site, which will close at 4pm on February 17.
Steven King, Colliers’ Gold Coast director, said: “This is one of the most significant properties of this size we have ever seen and what makes it unique is that it has been upgraded to such a scale purely for personal reasons,” he said.
“No expense has been spared on this site and it presents some brilliant opportunities.”
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