Tulloch Wines owners selling Hunter's Two Rivers vineyard
The retirement of the major investors in Hunter Valley winemaker Tulloch Wines has created a double opportunity for those seeking a foothold in the renowned NSW wine region after the Two Rivers Vineyard they own was also listed for sale.
The 180-hectare Yarrawa Road property, near the confluence of the Hunter and Goulburn rivers on the outskirts of Denman, is home to the 67-hectare Inglewood vineyard and cellar door, as well as having development approval for a tourism facility.
Included in the offering is a 42-hectare land parcel with approval for a 20-lot subdivision as well as 30 hectares of irrigated river flats being used for cattle grazing.
Two Rivers was established in 1988 when a syndicate of investors that included Sydney businessman Ross Pitts and John and Mary Muddle, of Nutt and Muddle poker machine manufacturing fame, bought the Riverview dairy farm.
They planted the first vines on the property a year later and under viticulturist Brett Keeping (who married the Muddles’ daughter Linda) produced Two Rivers’ first vintage – a chardonnay and semillon sauvignon blanc – in 1991. Two Rivers went on to win numerous awards and received a five-star rating from wine critic Halliday in 2011.
Now in his 80s, Mr Pitts, the majority owner (alongside his Rotric Holdings co-director Stephen Pavlovic) of Two Rivers and Tulloch Wines, is selling both assets as part of retirement plans.
Two Rivers will go to auction on July 30. Hunter Valley locals indicated Two Rivers could be worth more than $11 million.
“They have been at it for 33 years and it’s now time for someone else to take over a premium wine business,” said Chris Malone, of Ray White Rural NSW, who is marketing Two Rivers alongside Jay Shepherdson of JTS Realty.
“Two Rivers has so many elements to it that are enticing in their own way,” Mr Malone said.
These, he said, included its premium vineyard with approved development opportunities, river frontage property, tourism opportunities and the residential/rural subdivision.
“There is so much blue sky in it for prospective incoming ownership,” said Mr Malone.
Tulloch Wines, which receives much of its grape supply from the Inglewood vineyard at Two Rivers, is being sold by Toby Langley of Langley & Co, asking more than $10 million.
Neighbours to Two Rivers include Financial Review Rich Lister Nick Politis and former rugby league boss John Quayle.
Just down the road is the Magnier family’s Coolmore horse stud and the Darley stud, owned by the Dubai royal family’s Godolphin.
