Iconic SA winery with kingsize price tag listed for sale
An aristocratic family, once considered the UK’s second richest household after the royals, have listed their Adelaide Hills winery The Lane for bids in the vicinity of $20m.
The Vestey family, who first brought into the Hahndorf-based vineyard in 2011, are looking to exit the Australia wine industry, as the family seeks to divest assets as part of succession plans.
The family, estimated to be worth around $1bn, was at one point the largest retailer of meat in the world.
MORE NEWS
Historic train station on track for success
Billionaires part ways with $30+ development site
$12m-plus price tag for outback SA reserve the size of Hong Kong
The Vesteys are close friends of the royals, with the late Lady Celia Vestey a close confidant of Queen Elizabeth II and godmother to Prince Harry.
George Vestey, the great-grandson of Sir Edmund Vestey – currently serves as director of The Lane and as CEO of Vestey Holdings.
The Lane Vineyard has been listed for sale with price hopes of around $20m.
The Lane Vineyard, Adelaide Hills. Picture: Tourism SA
The Lane Vineyard accommodation artist impressions. Picture: Supplied
The Lane’s Chief Executive Officer Jared Stringer said the sale marked an exciting opportunity to acquire one of Australia’s most thriving wineries, along with Delatite Wines in Mansfield, Victoria.
“The main reason (for the sale) is that they are going through a family succession at the moment over in the UK and so, the assets are being divested to facilitate that succession,” he said.
“So that’s part of the reason they are selling The Lane but the other key reason is that it’s just the perfect time to sell the business.
“We’ve been growing year-on-year and have been seeing double-digit growth for the past four years. So we’re selling from a position of strength.
“We’re a sparkling and white-wine focused business, being in the Adelaide Hills, and those products are in a bigger demand than they have ever been.”
MORE NEWS
$26bn and counting – what’s behind King Charles’ mind-blowing wealth
‘Homesick’ Prince Harry eyes off new English home
George Vestey, Chief Executive Officer of Vestey Holdings Limited. Picture: Vestey Holdings
Britain’s Princess Anne is escorted by Lord John Vestey as she arrives at the RNA Showgrounds in Brisbane in 2014. The Vesteys are longtime friends of the royals. Picture: AAP Image/Dan Peled
A friendship forged through generations. Prince William, Prince Harry, King Charles and Ben Vestey play polo together in 2020. Picture: Royals / Family
The Lane sells about 50,000 dozen bottles of wine per year, well up on the less than 30,000 it was producing when the Vesteys bought it, and has 58.38ha of vineyards and a 600 tonne “super premium” winery.
It is also home to an award-winning restaurant and plans are well under way to create a $10m luxury lodge and wellness centre, which would include 20 villas and spa facilities adjacent to the cellar door.
The project, to be delivered by the Luxury Lodge Group, was anticipated to be completed by 2023, creating around 50 construction jobs and at least 30 ongoing jobs upon completion.
“That project is still very much at play. We’ve leased the land to the developer … and that project is still to go before the Adelaide Hills Council (for approval), which is likely to happen before the end of the year … and that’s only going to complement the sale, Mr Stringer said.
“It means that whoever the new owner of The Lane is will reap the benefits of that accommodation.”
The property is for sale through Langley and Co Adelaide.
