Treasury Wine Estates acquires 55-hectare Yarra Valley vineyard from Accolade
Australian wine giant Treasury Wine Estates (TWE) has purchased the 55-hectare Beenak Vineyard in Yarra Valley from Accolade for AUD$7 million.
The Yarra Valley-based vineyard is planted with 45 ha of Pinot Noir and Chardonnay grapes, and expands Treasury’s footprint in cool-climate winemaking, as TWE’s chief executive Tim Ford noted.
“Vineyards producing Pinot Noir are of particular interest as we respond to the very strong consumer demand for our Coldstream Hills and St Huberts brands”, he said.
“The opening of our new cellar door at Hubert Estate has further enhanced demand for cool climate wines in the portfolio”.
Beenak Vineyard is situated nearby to Hubert Estate, in upper Yarra Valley land described Langley & Co., which looked after the sale, as an “outstanding source of premium Upper Yarra Valley grapes averaging 364 tonnes annually”.
“The Beenak vineyard was planted in 1988 and is the source of one of the most extensive plantings of Pinot Noir and Chardonnay in the Upper Yarra Valley, demonstrating yet again the market strength for premium cool climate vineyards of pedigree,” said Stephen Strachan of Langley & Co.
Accolade said in a statement that it had sold the vineyard due to a surplus of grapes from the region.
“We can confirm that we have sold the Beenak vineyard in the Yarra Valley due to an oversupply of grapes from these vineyards within our business,” a spokesperson for Accolade Wines said.
Accolade is the second-largest wine producer in Australia, after TWE.