Casella Wines has further expanded its Australian footprint with the acquisition of Dunvar, one of New South Wales’ largest vineyards.
CBRE’s Agribusiness team recently offered the prominent Riverina District vineyard for sale on behalf of Belvino Investments.
Dunvar comprises a 902 hectare landholding with 608 hectares planted to Shiraz (170 hectares), Pinot Grigio (236 hectares) and Chardonnay (202 hectares). All vines were planted in 2002 and are fully productive.
CBRE’s Col Medway and Richie Inglis steered the sale campaign for the property, which is situated in one of Australia’s most agriculturally diverse regions, approximately seven kilometres from Darlington Point.
“There was extensive industry interest from existing and new players, with interest in viticulture and wine assets having turned the corner,” Mr Medway said.
“The property is underpinned by high quality fit-for-purpose infrastructure and substantial water entitlements, with a further 120ha available for additional plantings.”
The sale was negotiated on behalf of Belvino Investments, a company which invests in vineyards across the major wine regions in Australia and New Zealand. Typically the vineyards are purchased, improved and sold.
Belvino Chief Executive Nick Gill commented; “We had 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.”
It is the latest acquisition for Casella Wines, which recently acquired full ownership of Morris Wines from Pernod Ricard Winemakers. That acquisition included the winery, cellar door, 80 hectares of vineyards, stock and the Morris of Rutherglen brand intellectual property.
Water availability is a key feature of Dunvar, which has 1,372 megalitres General Security Water Entitlement (Murrumbidgee River), 333 megalitres Lower Murrumbidgee Deep Groundwater Licence (Zone 1) and 1,888 megalitres Lower Murrumbidgee Deep Groundwater Licence (Zone 2).
In addition, the region’s average rainfall is 408 millimetres.
The property also benefits from numerous structural improvements, including a manager’s residence, office, storage shed, four machinery sheds and workshop.About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
