Pokolbin's Sweetwater winery withdrawn from auction

Pokolbin's Sweetwater winery withdrawn from auction
Pokolbin's Sweetwater winery withdrawn from auction

The world class winery Sweetwater, located in the rolling hills of the Hunter Valley, was withdrawn when listed to been auctioned today.

It was marketed at half the earlier price expectations.

Inspired by southern European vineyard estates, the 48 hectare Pokolbin holding now comes with $12 million plus hopes.

Chinese buyers have heard of the repricing which triggered a spate of recent inspections by international visitors. But listing agent Alan Jurd said it was withdrawn because he didn’t have anyone willing to bid under auction conditions.

"The vendor is very realistic however and has just given me instructions to reduce the price to above $12million," he said.

Cabernet Sauvignon and Shiraz vines cover a third of the estate which dates back to the colonial 1840s.

Not just a winery and olive grove, the main residence is a stunning Mediterrean style construction that features private and guest wing accommodations.

Duncan Hardie's Sweetwater Wines purchased the land in 1997 with most of the vineyards dying or being grazed by cattle.

Hunter Valley wine veteran Brian McGuigan provided early advice on the layout and planting, having worked on the vineyard when he was about 18 years old.

It is being marketed by Alan Jurd of Jurds Real Estate as the "most significant country vineyard estate in Australia."

Alan had initially been asked to list it at over $30 million last year, then $15 million plus in the lead up to the auction.

Sweetwater Wines, part of the Hardie Holdings group, purchased the land in 1997 in Belford from Belford Pastoral Company, which was originally granted to the pioneering Richard Jones, a merchant and pastoralist.

In 1829 Jones had received 10,000 acres at Singleton in the Hunter Valley from where he established one of his finest vineyards in the Patrick Plains Shore at Sweetwater Creek off Old North Road. 

In 1844 from Jones’s first plantings, his vineyard produced a total of 2,000 gallons of wine. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Hunter Valley Rural Auction

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