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2008
30 September 2008
Prince Hill Wines of Mudgee sells out for $5.5 million
Prince Hill Wines of Mudgee sells out for $5.5 million
Sydney - Tuesday - September 30: (RWE Aust Business News) - Prince Hill Wines reports it has signed a deal for the sale of winery and vineyard of the company.
Its wholly owned subsidiary, Prince Hill Wine Services Pty Ltd has exchanged contracts with Great Southern Beverage Company Pty Ltd for the sale of the vineyard, winery, function centre and cellar door wine sales business located at 1220 Castlereagh Highway, Apple Tree Flat, Mudgee New South Wales.
The key transaction highlights for the sale of the Mudgee Winery are:
The purchase price will be $5.5million (inclusive of GST), payable by installments with the first installment payable by October 31, 2008 and the final installment payable on May 31, 2009.
Until December 31, 2009, PHW Services will continue to have a presence at Mudgee Winery in relation to cellar door operations and commercial kitchen and function room operations.
PHW Services has an option to extend this presence for a further 3 years.
PHW Services and Great Southern will also enter into a Grape supply agreement to ensure that PHW Services can comply with its cellar door and wine producer licence requirements.
Following detailed discussions with the ASX as to whether PHW was required to comply with Chapter 11 of the ASX Listing Rules to obtain shareholder approval to the transaction, the ASX confirmed that shareholder approval was not required for this transaction and, accordingly, the requirement to obtain shareholder approval is not a condition of the contracts, according to Andrew Parkinson chief executive officer1 .
2010
23 August 2010
$2.3m for Mudgee winery, vineyard
Prince Hill Winery and Vineyard at Mudgee, NSW, has sold for $2.3 million to a Singaporean-based investor.
Colliers International senior executive Tim Altschwager said while the location was the key, with the winery and vineyard right in the heart of the NSW Central Ranges, the long history attached to Prince Hills Wines, further strengthened the opportunity.
'The offering included the 5000 tonne winery with cellar door and function facilities plus about 25 hectares of established vineyard," he said.
'The investor had been looking at the commercial investment market within Australia for some time when we put Prince Hill offering in front of them and although it wasn't a specialisation they were specifically looking it, they were impressed with the long term investment appeal and growth potential of the winery and vineyard.
"Australia's proximity to the key export markets, expressly China, allows direct links to their distribution networks. They saw this as a significant upside to the investment as it provides the means to capitalise on increasing export volumes over the longer term."
The Central Ranges wine zone of NSW lies to the north and west of the Blue Mountains on the Central Tablelands, and comprises the wine regions of Mudgee, Orange and Cowra.
The region is well recognised for producing wines of super-premium quality and Prince Hill Wines is one of the largest in the region2 .
2011
Prince Hill Wines
1220 Sydney Road, Mudgee, NSW 2850 Region Mudgee
T (02) 6373 1245 F (02) 6373 1350 princehillwines.com Open Mon– Sat 9– 5, Sun 10– 4
Winemaker Michelle Heagney Est. 1993 Cases 20 000 Vyds 25.5 ha
Prince Hill Wines has become the new name and identity for Simon Gilbert Wines. It is now associated with the Watson Wine Group, which has the difficult task of returning the business to profit. One might have thought the large, well-designed winery was well placed to take grapes from the various regions along the western side of the Great Dividing Range of NSW, but observers have questioned whether this can become a reality. In the meantime, the estate plantings of shiraz, merlot, petit verdot, cabernet sauvignon, zinfandel and sangiovese, all in reasonably significant amounts, provide the estate-grown wines. A proposal for the sale of Prince Hill Wines by its owner, the Coonawarra Australia Property Trust, collapsed in March 2010. The failure of the sale to proceed leaves Prince Hill with an uncertain future. Exports to the UK, the US, Canada, Sweden, Dubai, China and NZ3
.