Chi­nese com­pany buys local North East win­ery

North East & Goulburn Murray Farmer - - NEWS - By JARRAH LOH

A LARGE num­ber of peo­ple turned up for the auc­tion of Auld­stone Cel­lars in Glen­rowan, only to be turned away at the gate with the news that the win­ery had al­ready been sold ear­lier that hour.

The en­tire prop­erty and all items that were go­ing to be in the clear­ing sale the fol­low­ing day were pur­chased by a pri­vate Chi­nese com­pany after in­spect­ing the land on Tues­day.

The 90 acre vine­yard is mostly planted to Shi­raz and Caber­net, with some Chardon­nay Ries­ling, Mer­lot and its award-win­ning Mus­cat.

After more than 30 years man­ning the cel­lars at Auld­stone, Michael and Nancy Reid were in shock at the sud­den sale of their en­tire busi­ness.

“I’m thrilled, but it’s a bit over­whelm­ing at the mo­ment,” Mrs Reid told the Wan­garatta Chron­i­cle.

Ru­ralco prop­erty agent Mal­colm Gunn said it was a very good re­sult, but due to the pri­vate na­ture of the sale, could not dis­close the price paid.

Last week they were hop­ing for $750,000 to $850,000 at auc­tion.

“The im­por­tant part is that the cel­lar door is go­ing to re­main open,” said Mr Gunn.

“They want to keep it go­ing with local staff, and de­velop an ex­port mar­ket.”

The Reid’s will con­tinue to op­er­ate at the cel­lar door un­til set­tle­ment takes place in 90 days, after which they may be asked to take on a man­age­ment role for the new own­ers.

“We are pleased with the price and de­lighted that the brand will keep go­ing,” said Mrs Reid.

“It is ex­cel­lent news that the Chi­nese value the re­gion and its wines.”

The cou­ple will now look to re­tire to their res­i­den­tial prop­erty in Wan­garatta. “We are torn,” said Mrs Reid. “It is the end of an era and we have made some lovely friend­ships, but it’s won­der­ful that we have an op­por­tu­nity to step into a new stage of life.”

FAREWELL: Michael Reid from Auld­stone Cel­lars has mixed emo­tions say­ing good­bye to his farm home of 30 years. PHOTO: Jarrah Loh

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.