Billionaire property developer Bob Ell has agreed to sell his Kings Forest residential development site near Kingscliff in northern NSW to Stockland for $620 million, marking one of the largest land transactions in the region.
Ell’s Leda Holdings would transfer the 869ha site on Tweed Coast Road through a staged process over several years.
The estate carries approval for about 4500 homes that would house more than 11,000 people upon completion, making it one of the largest developable landholdings in northern NSW.
It’s a big haul for Ell, who initially acquired the site in 2003 for what industry analysts at the time said was about $20 million when Leda purchased the property from Japanese interests.
The original Japanese owners had bought the land during the 1990 investment boom for around $22 million.
Development of Kings Forest, which is 655km north of Sydney and 115km south of Brisbane, proceeded in stages after decades of planning delays.
Leda had released the first 38 residential lots in late 2024, which sold within 12 hours.
About 150 housing lots were sold before the site’s acquisition by Stockland, with construction under way on multiple homes at the time of sale.
The estate spans 869ha and would include schools, parks, a retail complex, sporting fields and more than 70,000 trees upon completion.
The development straddles the Queensland-NSW border, positioning it within the broader Gold Coast market catchment.
The acquisition would significantly boost Stockland’s development pipeline, adding to its existing land bank of close to 96,000 lots.
Two years ago, Leda made what was then the largest land purchase in Gold Coast history, paying $177 million for the 161ha Coomera Quarter site approved for 4200 homes and the potential to deliver 16,000 homes across the region, according to JLL.
Leda maintains an extensive development pipeline spanning industrial projects around Sydney and residential developments nationwide.
The company has concept plans approved for developments including the 5500-home Cobaki community and multiple industrial projects across Greater Western Sydney.
The sale follows Stockland’s recent $3.5-billion logistics hub deal at Sydney’s Kogarah Golf Club site and the start of construction at its 2000-home Grevillea community in Perth’s East Wanneroo region.
Leda Holdings reported $86.8 million net profit in the last financial year, down from $151 million in 2023.
