Laguna fund manager Tim McGavin lists big Riverland vineyard
One of the largest vineyards in South Australia’s Riverland region, originally developed by Laguna Bay Pastoral chief executive Tim McGavin and his brother Rob, has been listed for sale.
Jubilee Park Vineyard, near Paringa, was founded in 1994 by the McGavin brothers, who expanded it from an original 14 hectares to its current size of 234 hectares, with a focus on red wine grape varieties.
In 2004, the brothers sold about an 80 per cent interest in the vineyard to a group of Victorian investors.
An asking price has not been disclosed but Jubilee Park could be worth around $40,000 per hectare of vines based on comparable sales.
Also included in the sale is a valuable 1357-megalitre temporary water entitlement, the 2020 grape crop and all the plant and equipment.
According to title deeds, McGavin Investments own a 36-hectare portion of the property outright with the remainder held by Jubilee Park Investments, of which the McGavins have a 20 per cent stake in the $12.5 million vehicle.
Other investors include the late Geelong dentist, Bruce Hinckfuss, and Philip Naylor, a major shareholder in ASX-listed minnow Dart Mining.
On his LinkedIn profile, Tim McGavin notes that Jubilee Park is “one of the largest privately owned vineyards in Australia, known for it consistent quality and quantity of wine grapes which is very hard to achieve”.
The vineyard, which stands on the corner of Stanitzki and the Sturt Highway, adjacent to the Pike River, includes 66 hectares planted to shiraz, 50 hectares to chardonnay and 45 hectares to Merlot.
It produced more than 4700 tonnes of fruit in 2019.
“Over the past 25 years the property has earned an outstanding reputation for quality and consistency and has forged supply partnerships with many of Australia’s most respected winemakers,” said selling agent Toby Langley from Langley & Co Advisors
“The site was chosen for its ideal soils, access to water and strategic and accessible location. The vineyard offers a highly desirable varietal mix, efficient row length and planting grid, excellent irrigation infrastructure, shedding and employee accommodation.”
As CEO of Laguna Bay Pastoral, Mr McGavin oversees more than $1 billion of managed agricultural assets on behalf of institutional investors.
Alongside the vineyard, the McGavin brothers also own Jubilee Park Holdings, a 10,100 hectare beef cattle, wool and meat grazing property in western Queensland, owned by the family for over 60 years.
The Riverland region, based around the towns of Renmark and Berri, is the country’s largest winegrowing region with just over 21,000 hectares of vines. Wines produced in the region include Banrock Station and King Estate.
Get a weekly roundup of the latest news from Commercial Real Estate, delivered straight to your inbox!
