Vineyard investors ready to move on
The owners of Marlborough vineyard and restaurant property Highfield TerraVin have listed the Sir Michael Fowler-designed property for sale via Bayleys as they look to other ventures.
It is one of about 20 vineyard properties on sale in the upper South Island currently, during a usually quiet period for sales because the grape harvest is under way – this year volumes are expected to be lower due to poor spring flowering followed by hot weather.
Highfield TerraVin was formed by the amalgamation of two companies in 2015 to secure economies of scale, and headed by winemakers, minority shareholders and directors Alistair Soper, Gordon Ritchie, and Pete Coldwell.
However, Coldwell has moved on to become a Bayleys agent and board member on the Marlborough Chamber of Commerce, while Soper is self-employed, leaving Ritchie the operations manager and sole director. The company is 70 per cent owned by Pinot Investments LP, made up of several overseas investors. The amalgamated Highfield TerraVin created a company that owns the 60-seat restaurant and 4-hectare grape block on the corner of Dog Point and Brookby roads overlooking Wairau Valley, plus a 40ha vineyard called Calrossie at nearby Seddon.
It is one of the few, arguably only, vineyard restaurants built on a hill, giving it a wide outlook.
The vineyard buildings at Brookby Rd were constructed during the 1990s. They include a 600-tonne winery, warehouse, plant room and laboratory, staff room and amenities, underground barrel cellar, mezzanine boardroom and offices, tasting room, restaurant and kitchen, first floor apartment and viewing tower.
The total processing capacity and resource consent is for processing up to 600 tonnes of grapes per annum.
A large proportion of the grape plantings are pinot noir.
The Highfield TerraVin properties are being marketed for sale by tender through Bayleys Marlborough, with tenders closing on April 30, 2019. Interested parties can make an offer for just the Highfield TerraVin winery and its surrounding home block, or together with the TerraVin Hillside Vineyard at Seddon. Bayleys agent Mike Poff said the Highfield TerraVin business model operated on multiple revenue streams – production, retailing, and foodservice hospitality.
‘‘The vines at both vineyards are now all well-established and producing consistently high quality fruit,’’ Poff said.
The current inventory of bottled and bulk Highfield TerraVin wine stocks could be negotiated as part of the purchase along with the land, buildings, plant, and labels.
The restaurant could potentially also be sold with a lease to the current operator.