Historic Chateau Yering sold to ASX-listed hotel fund managers
The Yarra Valley landmark is surrounded by impressive gardens.
The almost 170-year-old Chateau Yering hotel with Victoria’s first winery on its doorstep is expected to get an upgrade after selling to an investment fund.
Located next to the award-winning Yering Station Winery, the Chateau been expected to make about $18m, but agents have refused to disclose the exact sum paid.
Investment fund Elanor Investments Group beat 160 others who inquired about the property, which was being sold by its current owner, architect-turned-innkeeper Matt Zhang.
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The 100ha property at 42 Melba Highway, Yering, features a cafe, restaurant, event space and 32-room hotel accommodation surrounded by landscaped heritage gardens, which were in part overseen by Melbourne Royal Botanic Gardens founder Baron Ferdinand von Mueller.
In recent years it has hosted numerous weddings and high-end corporate events, but the property was originally part of Victoria’s first winery with its first owners, the Ryrie brothers, bringing vine cuttings to establish a vineyard.
The Yarra Valley landmark is surrounded by impressive gardens.
When the property, with the mansion yet to be built, was sold to Paul de Castella in 1850, a bottle of Chateau Yering was presented to him as a homegrown vintage.
He was living in the home when the winery collected its first award as Best Victorian Vineyard in 1861, and Mr de Castella went on to collect international accolades including the Grand Prix at the 1889 Paris Exhibition.
Mr Zhang bought it in 2019.
In a statement, Elanor Investors Group head of hotels Marianne Ossovani said they planned to “elevate the experience for future guests”.
“We are excited to roll out our platforms and expertise in this sector, with a major focus on upgrading the rooms and common areas; to not only drive revenue but ultimately create an accommodation and events offering that encourages repeat visitation,” Ms Ossovani said.
Sumptuous appointments feature throughout the home.
Burgess Rawson’s Zomart He said 40 per cent of inquiries had come from Victoria, many already in the Yarra Valley area. About 30 inquiries came in from international groups based as far away as Singapore, Malaysia and China.
Mr He said the sale came down to a pair of institutional investors who were “very, very close”.
HTL Property also worked on the deal and managing director Andew Jolliffe said both institutional and private money had begun to “aggressively target the sector”.
The publicly listed Elanor Investments Group already own 16 hotel and leisure sites, including three NSW wildlife parks and a hotel and apartments complex in Byron Bay.
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