The Hunter Valley vineyard property has been put up for sale as industry veteran David Hook and his partner, Sherry Watt, seek to cut down on their workload, a listing statement said.
The news comes around one month after well-known name Tulloch Wines was reportedly put up for sale in the Australian region, north of Sydney.
Hunter Valley is ‘undergoing significant generational change’, according to a press statement on the sale of David Hook Wines, which has been producing wines for more than 35 years.
‘It’s always with mixed emotions that these properties come to market after so much hard work, but equally it represents a very exciting opportunity for the next generation,’ said Adam Morris, listing agent for David Hook Wines and affiliated to Christie’s International Real Estate.
Lying on 103 hectares of land, David Hook Wines includes two residences, a winery and an eight-hectare ‘ultra-premium’ vineyard first planted in 1982.
Grape varieties include the classic trio of Semillon, Chardonnay and Shiraz, but also 0.5ha each of Pinot Grigio and Barbera that were planted in 2018.
A further 50 hectares have been ‘earmarked’ for future planting, and regulatory approval has been obtained for a cellar door to welcome visitors and wine tasters, according to the listing.
An asking price has not been disclosed, however. The vendors ‘wish the price guide to remain confidential and only disclosed to qualified buyers,’ said Morris, who is a specialist vineyard broker in the area.
While some wine properties around the world may be sold more as ‘hobby’ vineyard estates, this listing may present an opportunity for buyers seeking a more commercial or substantial operation.
‘The focus [at David Hook Wines] has been squarely on incremental improvement in the vineyard, making excellent wines and selling through an established distribution network,’ said Morris.
For existing wine industry players, this listing could be a ‘highly lucrative turnkey operation which will comfortably fund itself under current interest rate settings’, he added.
Speaking to Decanter via email, Morris said that there were a range of Hunter Valley wine properties, potentially presenting different options for prospective buyers should any come up for sale.
These include larger family-held estates but also hotel and hospitality businesses that produce wine as part of their operations, as well as vineyard estates more at the ‘lifestyle’ end of the market – the latter potentially attracting buyers looking to move up from Sydney.