Landmark winery sale falls through, property back on market
Landmark winery sale falls through so property goes back on the market
The receivership sale of a pioneering winery and hospitality venue has fallen through after the potential purchaser failed to obtain the necessary Overseas Investment Office approval in time.
Ascension Wine Estate has now been placed back on the market for sale through Bayleys Real Estate in a tender process closing on November 28th 2013. Bayleys senior sales person Scott Kirk, who was involved in marketing the property initially, said those parties interested in buying the land, building, assets and business earlier this year would be contacted shortly to assess if they were still motivated to buy the Ascension land and business.
Mr Kirk said a full advertising campaign would also be re-initiated immediately to generate additional interest from any new potential buyers.
Ascension was one of the earlier wineries planted in the Matakana valley – gateway to the upmarket coastal seaside resorts of Omaha and Leigh. Branching out from the original winery, Ascension quickly expanded to operate a large restaurant in 2000 before adding an additional 300-person function venue in the mid-2000s.
Over the years the Ascension Wine Estate has developed multiple income streams from various commercial activities. A new owner has the opportunity to build and refine this well known winery and entertainment venue. Settlement could take place prior to Christmas/New Year to take advantage of the holiday period when Omaha, Leigh, and Matakana holiday homes are at their peak occupancy levels.
The venue is still trading with all functions committed to being honoured.
Ascension Wine Estate is a four-time national winner at the Hospitality New Zealand Awards for Excellence, six-time winner at the local Manaakitanga Awards, awarded the New Zealand Beef & Lamb Hallmark of Excellence every year since 2004, and has received numerous other accolades in wine, food and lifestyle publications.
“To all intents and purposes, the business has remained open since being placed in receivership earlier this year, and is being sold with corporate and private function bookings confirmed right up until Christmas and well into the busy New Year period,” Mr Kirk said.
Ascension sits on 7.6 hectares of north-facing land on a highly prominent stretch of the main road into Matakana from Auckland. The land has four hectares planted in vines, surrounded by mature gardens and lawns.
Adjacent to the vines, the substantial restaurant and commercial kitchen are licensed for up to 120 guests – with additional open and covered courtyards allowing for several private functions to be catered for simultaneously. Entrance to the dining area is through the tasting room and retail shop.
The venue’s 710 square metre fully air-conditioned function centre, named The Belfry, can be configured into multiple spaces with the potential to host up to 300 guests in various seating styles, and features full audio-visual equipment. Within The Belfry is a VIP dining room suitable for intimate dining occasions of up to 20 people. Ascension’s total development comprises 2800 square metres.
Included in the land, assets, buildings and business for sale is a small winemaker’s cottage set among the vines, and a large implement shed to house the equipment such as the tractor, vine trimmer, and mowers. Also for sale is stock of bottled and un-bottled wines from recent vintages.