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Gladstone Vineyard sold to Australians

Gladstone Vineyard, on Gladstone Rd. PHOTO/SUPPLIED

KAREN COLTMAN
[email protected]

An Australian-based family has bought the 4.5ha Gladstone Vineyard for $1.025 million.

The new owners intend to come and settle in Wairarapa with their two young children.

Chris Gollins, of Gollins Commercial, sold the property previously owned by Christine and David Kernohan.

The winery, restaurant, and vines are leased to Hong Kong’s Odyssey Capital Group and Australian winemaker Eddie McDougall – The Flying Winemaker. They pay a rent of $54,000 annually.

Gollins said it was very positive for Wairarapa to have an overseas buyer during the covid-19 border issues wanting to buy here and come and live here.

He said one reason the vineyard land and buildings didn’t fetch a large price was because the rent was “fairly low”.

“The purchaser can see the rent has room to move up, so the annual return has potential to increase,” Gollins said.

He said the buyers were keen on the “sustainable viticultural practices that have been carried out on the land for many years”.

“One thing that convinced the buyer the property was the one for him was that the owners are Green Party supporters,” he said.

The winery was built in 2005.

The cellar door and restaurant are historic buildings that were relocated there in the 1990s.

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