This article is from the Australian Property Journal archive
A WELL known restaurant and function centre in the heart of the Coonawarra wine region in the Limestone Coast zone of south eastern South Australia, has sold for $455,000.
Colliers International Rural & Agribusiness auctioned the property known as Chardonnay Lodge on behalf of receivers and managers, Ferrier Hodgson.
Senior executive Tim Altschwager said there was a good turnout at the auction with at least 50 people in attendance and two genuine bidders who provided a hot contest through to the final call.
“Chardonnay Lodge is a local landmark; it’s been firmly established on the tourist route between Adelaide and Melbourne and has sheltered, wined and dined a host of travellers, tourists and locals for many years.
“This was a rare opportunity to acquire a significant foothold in a tightly held prosperous region,” he added.
“The property was sold to a group of strata unit holders who regarded the purchase as an opportunity to protect their investments in the adjoining strata corporation which comprises the motel units,” he continued.
Altschwager said Chardonnay Lodge is an established restaurant, reception centre and occupies approximately 7,115 sqm on the Riddoch Highway in the famous terra rossa strip. It is situated directly opposite the Poplars Winery.
Chardonnay Lodge is located 10km north of Penola and has been professionally operated under the same management since it opened in 1984.
Australian Property Journal
