Three buyers snap up Hunter Valley's Two Rivers Vineyard
A trio of local businessmen that includes veteran Hunter Valley winemaker Colin Peterson has snapped up the renowned Two Rivers Vineyard near Denman for $9.65 million as fears about a grape glut in the region prove unfounded.
The 180-hectare Yarrawa Road property, near the confluence of the Hunter and Goulburn rivers, was put up for sale in July last year as part of the retirement plans of Sydney businessman Ross Pitts.
Mr Pitts is the majority owner of Two Rivers and Tulloch Wines in Pokolbin, which was also put up for sale last year.
Two Rivers is home to the 67-hectare Inglewood vineyard and cellar door, which includes development approval for a tourism facility.
Included in the offering was a 42-hectare parcel with approval for a 20-lot subdivision as well as 30 hectares of irrigated river flats being used for cattle grazing.
Records show the new owner is TR Denman Vineyards, a company directed by Mr Peterson, whose late parents Ian and Shirley established Petersons Wines at Mount View in 1971, coal marketing veteran Ross Crump and another local businessman, Jamie Benson.
Petersons Wines produces premium wines from vineyards at Mount View, Mudgee and Armidale. It also operates cellar doors at Mount View and in Pokolbin as well as a wine club.
The sale of Two Rivers was brokered by Chris Malone of Ray White Rural NSW and Jay Shepherdson of JTS Realty.
Alongside the sale of Two Rivers, veteran Hunter Valley real estate agent Alan Jurd has sold four out of the six parcels that make up Drayton’s Family Wines offering, one of the oldest and best-known wine brands in the Hunter.
The off-market sales of mostly paddock blocks to local graziers (including a parcel bought by fifth-generation family member Greg Drayton) generated total sales of about $17 million.
About $5 million is expected for the modern 1000-tonne winery, cellar door and shiraz vines set on 16 hectares at 555 Oakey Creek Road in Pokolbin. This is now officially on the market through Jurd’s Real Estate.
The offering includes all plant, equipment, intellectual property and wine stocks, together with an operational team. There are also 4000 square metres of commercial space including a new restaurant.
Mr Jurd predicted an “interesting year” for the Hunter after a strong Christmas period.
“Wine property priced between $3 million and $4 million has sold very well, all at least 10 per cent higher than the price guide,” he told The Australian Financial Review.
Mr Jurd said fears of a glut of grapes in the Hunter due to the China tariff on Australian wines had proved unfounded after local demand increased because of the pandemic.
“In fact it’s been the reverse because of people staying at home and drinking more locally,” he said.
“The small operators are all out of stock and fruit prices have jumped, so we could end up with a shortage of fruit in the Hunter.”
