Colliers International sells Howcroft Estate Vineyard in highly contested campaign
South Australia’s Howcroft Estate Vineyard has been acquired by New South Wales Riverina winemaker Casella Family Brands.
Colliers International’s Tim Altschwager and Nick Dean have sold Howcroft Estate Vineyard in South Australia’s Bordertown wine region on behalf of Sandhurst Trustees Ltd.
The property sold for just over the $9million price tag. Mr Altschwager said it represented excellent value at approximately $22,000 per ha of vines planted.
“Howcroft Estate Vineyard is a large scale wine grape producing asset, efficiently and expertly managed by Seven Fields Management Ltd,” Mr Altschwager said. “It presented as an extraordinary chance for both investors and existing wine industry participants to secure or significantly strengthen their future in the Australian industry. As such, the property was highly contested."
Located in the northern extremity of the Limestone Coast Zone, Howcroft Vineyards are situated within the Bordertown wine region and are amongst the largest commercial vineyards in the district. Howcroft Vineyards 1 and 2 were developed from 1998-2000 and are highly productive, planted to a mix of premium varieties suited to the Limestone Coast Zone.
The property lies approximately 10km south-east of Bordertown, in the township of Mundulla, and 82km north of Naracoote.
The total land area of 536.79ha (approx.) is divided into two planting areas. Howcroft 1 is planted to a total area of 222.58ha, and Howcroft 2 to 189.41ha. The property currently offers approximately 412ha of mature vines.
Mr Dean said Howcroft 1 and 2 were standout commercial vineyards in the Bordertown region.
“The strategic location near the Riddoch Highway provides efficient access to the region’s large wine production facilities, while substantial secure water entitlements equate to approximately 2.8ML per hectare of existing vineyard,” he said.
“The vineyard plantings, comprised of 100% red grape varietals, are well managed and present in excellent condition, and there is a five-year grape supply agreement with a major wine company."
The Limestone Coast Zone, which stretches from Bordertown in South Australia’s north to Mount Gambier in the south, is one of South Australia’s most recognised wine hubs. It includes the famous Coonawarra region, internationally acclaimed for its Cabernet Sauvignon and Shiraz wines which thrive in the cool and sunny climate and terra rossa soils.
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