Kreglinger puts South Australia's Norfolk Rise vineyard on the market
Kreglinger Wine Estates has put a South Australian vineyard on the market, an offering which could fetch $7 million or more and one of the first tests for the market since the country’s wine export business was hit by crippling Chinese tariffs.
The 182-hectare Norfolk Rise estate, the largest development in the Mount Benson region, has hit the market after a strong run of transactions in trophy vineyards in NSW’s Hunter Valley. The relative resilience of agricultural assets more broadly has won favour with commercial property investors through the pandemic disruption.
The vineyard extends across 104 hectares, with the principle plantings being the shiraz and pinot gris grape varieties. The winery is equipped to process 1000 tonnes or more of grapes.
The vineyard is on the Limestone Coast Road in the state’s south-east, close to the coastal township of Cape Jaffa, 300 kilometres from Adelaide. The sale is being brokered by Colliers International’s Tim Altschwager and Nick Dean.
The vineyard is one of two run by Kreglinger, a company founded in Belgium in 1797 before extending its operation to Australia in 1893. Kreglinger moved into wine production two decades ago.
Its Tasmanian vineyard, Pipers Brook in the Tamar region, is also well-known for its cool climate wines, including pinot noir, pinot grigio and sparkling. The southern estate is home to the Ninth Island brand of wines.
Before the wine industry’s export business was sideswiped by China’s imposition of punishing tariffs last month, vineyards had experienced a flurry of deals as local buyers bought them, often as trophy assets.
In August online entrepreneur Oscar Martin paid $5.5 million for Krinklewood, a renowned 19-hectare organic vineyard set on a 59-hectare property in Broke at the foot of the NSW Hunter Valley’s Brokenback range.
In other post-pandemic deals in the Hunter region, the former Black Cluster vineyard at Pokolbin, renowned for its old shiraz vines and once owned by French beverage giant Pernod Ricard, was sold for $5.5 million and the Loggerheads vineyard changed hands for $6.9 million.
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