Tom and Emma Lane to sell The Farm in Byron Bay
6 February 2020, Written by Matt Ogg
An iconic food collective in the Australian capital for organic health chic is now on the market with CBRE agents expecting a sale price in the range of $20-25 million.
Oroton fashion empire heirs Tom and Emma Lane (pictured) are selling The Farm, an unmissable sight when entering Byron Bay from the Pacific Motorway, with expressions of interest (EOIs) open until 26 February.
CBRE national director Wayne Bunz says existing tenants including Three Blue Ducks, The Garden Shed, Baylato and The Bread Social have security over their existing leases until 2025.
"Then an incumbent owner can choose what they want to do with the major tenants that are there, but there's more than 31 hectares of land - that's a lot of ability to reinvent and further develop, obviously subject to council approvals," Bunz tells Business News Australia.
"The brand of The Farm is a very unique concept and I think most people look to buy it and roll it out elsewhere around Australia."
Bunz says what's most appealing about the property, which attracts more than 500,000 visitors annually, is its location in what is "probably the most sought-after tourism leisure destination in Australia".
"A lot of high net worth individuals are buying; a lot of superstars, wealthy entrepreneurs and actors are here," he says.
Celebrities who have bought property in the area include Chris Hemsworth, Gemma Ward, Tim Cahill and Pat Rafter.
There have been a couple of high-profile transactions in Byron over the past six months such as Gerry Harvey's sale of The Byron at Byron Resort and Spa to Syrian billionaire Ghassan Aboud for $45 million in August, and the $104 million sale of the Beach Hotel to Moelis Australia (ASX: MOE).
"The phone hasn't stopped ringing. It's been a phenomenal level of interest, and I don't say that lightly. I've been doing this 20 years," says Bunz.
"It's [Byron Bay] got very high barriers to entry council are very challenging about who can get in here and who can't, and what developments can get in and can't."
Business News Australia
Author: Matt Ogg