Byron Bay’s The Farm posts $20m price tag
Oroton heir turned gourmet farmer Tom Lane is selling his Byron Bay agritourism project The Farm Byron Bay with the $20 million property tipped to appeal to environmentally-minded buyers.
The once-sleepy coastal hamlet has become a property hot spot with one of the country’s most famed pubs, The Beach Hotel in Byron Bay, recently snapped up by investment bankers Moelis for $104 million, setting a new record for Australian watering holes.
That came after retail billionaire Gerry Harvey sold his prized Byron at Byron resort to Syrian billionaire Ghassan Aboud in a $41.7 million deal.
Like the other developers, Lane, an heir of the family that founded the fashion empire, bought the site of The Farm Byron Bay seven years ago, before the boom really hit and built up the unique eco-tourism project.
The facility was once an old dairy and commercial flower farm, which Mr Lane and wife Emma transformed into a thriving community of like-minded micro businesses including the Three Blue Ducks Restaurant and Produce Store, The Bread Social, Baylato and The Garden Shed.
It is now a working organic farm designed around the concept of “grow, feed, educate”, with the setting recognised as a pioneer in the paddock-to-plate movement.
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CBRE’s Wayne Bunz and Hayley Manvell are handling the sale of the property that comprises a 32-hectare site near the bayside township.
It has also become a household name for tourists to the beachside enclave, drawing more than 500,000 visitors a year.
Once a paradise for backpackers and surfers, Byron Bay is now more of a luxury destination, winning over Hollywood celebrities like Chris Hemsworth and Margot Robbie.
The property is being pitched as offering numerous opportunities to expand. A new owner could end up owning and operating some of the major tenancies once the lease terms have expired.
While the major tenants are keen to gain further tenure upon expiry of their leases in 2025, an incoming owner operator could have the opportunity to rebrand the business.
The existing concepts could also be taken to other locations nationally and internationally and, subject to council approval, a new owner may also look to further develop the Byron Bay site with accommodation, more agriculture production, retail uses or even put in a day spa.
The Lane family is already in talks with a number of additional tenants including a brewery, a meat producer, a cheese maker and a production kitchen.
This article originally appeared on www.theaustralian.com.au/property.
