This article is from the Australian Property Journal archive
LEDA Holdings founder Bob Ell has taken advantage of the demand for Gold Coast living, turning a $16.5 million profit after 10 years of ownership of a private Pimpama retreat.
The 63.9-hectare property at 111 Creek Street, known as Kao Farm, has sold for $20.46 million to Brisbane-based CFMG Capital.
Ell – worth nearly $2 billion – paid just $4 million for the property in 2012.
The property has been extensively upgraded and includes all-weather driveways and paths, a full equestrian arena, fenced horse paddocks, a storage shed with residence and a caretaker’s cottage. It is fully fenced with security entry at the main gate.
Kao Farm comprises six individual lots that has been used by the owner for weekend getaways. There is approval for two more homes to be built, while all the lots have single dwelling entitlements under council planning provisions.
Hotham Creek runs through the property and there are additional dams across the site.
Selling agents Steven King and Brendan Hogan of Colliers drew several formal expressions of interest. King said the location and scale of the offering attracted significant interest from investors and developers, as well as buyers seeking lifestyle properties.
“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.
The Gold Coast has welcomed a large contingent of seachangers during the pandemic that has seen residential apartment supply all but dry up. The Queensland government is expecting the population to grow by about 400,000 and top the one million mark by 2041.
“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,” King said.
