This article is from the Australian Property Journal archive
CASELLA Wines has expanded its footprint with the acquisition of Dunvar, one of the largest vineyards in New South Wales.
The 902-hectare site comprises 608 hectares planted in 2002 and fully productive, comprising Shiraz (170 hectares), Pinot Grigio (236 hectares) and Chardonney (202 hectares).
CBRE agents Col Medway and Richard Inglis sold the property, located in the Riverina District, on behalf of Belvino Investments. Medway said there was extensive industry interest from existing and new players, with interest in viticulture and wine assets having “turned the corner”.
“The property is underpinned by high quality fit-for-purpose infrastructure and substantial water entitlements, with a further 120ha available for additional plantings,” he said.
Belvino Investments typically invests in vineyards across major wine regions in Australia and New Zealand, improves the sites and offloads them.
Belvino chief executive Nick Gill commented the company has a planned investment strategy for Dunvar with a set timeline.
“After acquiring the property from the receivers we embarked on an extensive development plan focused on the property’s production and profitability,” he said.
Casella Wines, recently acquired full ownership of Morris Wines from Pernod Ricard Winemakers, which included the winery, cellar door, 80 hectares of vineyards, stock and the Morris of Rutherglen brand intellectual property.
The property also benefits from numerous structural improvements, including a manager’s residence, office, storage shed, four machinery sheds and workshop.
Australian Property Journal
