Casella Family Brands expands into McLaren Vale with $12.4 million vineyard purchase
A LARGE vineyard responsible for eight per cent of McLaren Vale’s production has been sold for $12.4 million to a Griffith-based company.
A single landholding covering the Hawthorn Ridge and Reedy Creek vineyard in Adelaide’s McLaren Vale has sold to Casella Family Brands for $12.4 million.
The transaction marks the first significant win following Knight Frank SA’s launch of a new agricultural business line.
Spanning 161-plus hectares of land, the vineyard is split over seven titles and accounts for almost eight per cent of McLaren Vale’s reported 2015 harvest and almost six per cent of total vineyard plantings in the McLaren Vale region.
Knight Frank SA’s Russell Iles and Tom O’Donnell negotiated the sale.
“By purchasing in McLaren Vale we now have significant holdings in all of the premier grape-growing regions of Australia,” Casella Family Brands owner John Casella said.
“We look forward to working with the region and surrounding farmers to promote McLaren Vale.”
Knight Frank SA’s joint managing director, Guy Bennett, said the agent was expanding with a new focus on agricultural and viticultural property.
“This is undoubtedly one of the largest single vineyard transactions in the region in recent years,” he said.
“We have forged a deliberate path towards a position in the agribusiness sector, with a strong focus on wine, and it’s wonderful to see such a significant result.
“We have more than $20 million of agricultural assets on our books at the moment and we are confident of continued growth.”
The acquisition comes on top of Casella’s purchase of Morris Wines in Victoria, including the winery, cellar door, 80ha of vineyards, stock and the Morris of Rutherglen IP brand, on Friday.
Casella is based in Griffith, NSW, and produces the hugely successful Yellow Tail wine range.
It also owns South Australian wine companies Peter Lehmann in the Barossa Valley and Brand’s Laira, in the Coonawarra.