Tycoon Bob Ell has sold the Kings Forest development site for a record $620m to Stockland

Bob Ell.

It’s been a big week for multi-billionaire Bob Ell.

He has struck a huge deal with listed company Stockland to sell his once controversial Kings Forest residential subdivision in the NSW Tweed region for $620m, billed as one of the largest landholdings in the booming area.

The sale of the Kings Forest estate gave the billionaire – whose wealth is estimated at $2.23bn – a huge pay-off after more than two decades of work preparing and rezoning the site, battling authorities and rival developers. It is believed Mr Ell initially paid just $14m.

The $620m sale fills his coffers as he undertakes more developments in Queensland and elsewhere in northern NSW as the next housing boom takes shape.

Mr Ell last year put the first housing lots in the Kings Forest estate up for sale to mum-and-dad buyers. The 38 lots released sold out in just 12 hours. It is believed about 150 housing lots have since sold, with construction on many houses under way.

But it has been a long road. Mr Ell had planned Kings Forest and the neighbouring Cobaki Lakes developments since the 1990s, but experienced years of delays in securing approvals from the NSW government.

On completion, the estate, which straddles the border with Queensland, will have about 4500 lots covering 869ha of land that will house more than 11,000 people, and include schools, parks and a retail complex.

The King’s Forest development in northern NSW.

Mr Ell is one of the last of a breed of tycoons who carved out their names in commercial and residential property before listed real estate and institutions began to dominate.

He is still highly active in both housing and industrial development, with his ability to move quickly setting him apart.

His Leda Holdings had reported an $86.8m net profit in the last financial year, after making $151m in 2023. Leda is still run day-to-day by Mr Ell, and the deal was negotiated with the assistance of his wife Bridget and NSW-based son Robert.

Leda is no stranger to large land deals. Two years ago it made the largest land purchase in Gold Coast history, forking out $177m for an estate approved for five shopping centres and 4200 houses.

Mr Ell told The Australian earlier this year he has pushed for wholesale changes to the planning system as it is hampering new residential projects.

“Housing isn’t just about giving people a place to live, it’s the backbone of Australia’s economy,” he said. Mr Ell warned that when developers and builders are squeezed out by excessive red tape, skyrocketing costs or policy uncertainty, it choked supply, pushed up prices and slowed economic growth.

In December, the tycoon wrote to Prime Minister Anthony Albanese and the then environment minister Tanya Plibersek, asking them to remove what he called federal government “green tape” holding back the large-scale project he has planned for Coomera on the Gold Coast. “The answer isn’t more red tape – it’s cutting delays, unlocking supply, and letting developers do what they do best: build homes for Australians,” he said at the time.

The negotiation to sell Kings Forest follows on from Sydney developer John Boyd striking a joint venture with Stockland to develop a huge site next to Sydney airport into a $3.5bn logistics hub, also negotiated last week.

Last Monday, it unveiled the long-awaited transaction with Mr Boyd, which will see them transform Kogarah golf course into one of Sydney’s largest logistics hubs.

The housing deal will have a similar scale once Stockland rolls out the estate, adding to its own substantial holdings.

Both Mr Ell and Mr Boyd have come through tough times in property, as well as dealing with project blowouts prompted by NSW’s convoluted planning system.

Their patience – and deep pockets – have been rewarded as the listed Stockland has swept up two of their signature gambits.

The deals also point to the near impossibility of their listed rivals being able to get through years of planning without making returns on their investments.

Stockland chief executive Tarun Gupta is betting the property cycle is on the way up. Under his management, the developer has been moving fast and bringing in offshore capital partners in areas ranging from land lease to industrial parks.

Stockland is adopting a model used by his former company, Lendlease, in its heyday.