Rick Stein and co selling Tower Estate Winery portfolio and may tempt Asian buyers

The Tower Estate Winery portfolio in Pokolbin in the Hunter Valley, founded by celebrated wine-maker Len Evans and majority owned by former News Corporation chief executive and chairman Ken Cowley, has been listed for sale.

The buyer interest is expected to come from Asian investors as well as local buyers.

The portfolio includes Tower Lodge and Tower Estate Winery, Peppers Convent guesthouse (pictured below) and the building which houses the well-known Robert’s Restaurant. 

Ken Cowley now owns around 60%, with American businessman and restaurateur David Doyle, co-owner of Rockpool Bar & Grill and the celebrity chef Rick Stein the next biggest shareholders, each with 10%.

The Barnes family trust associated with News Corp director Peter Barnes, the managing director of Grant Samuel, Ross Grant and headhunter Andrew Banks at Talent2 are also among its listed shareholders.

Len Evans' widow Patricia and his daughter Sally retain a small equity holding, some seven years after his death.

Originally set up in 1999, early shareholders included renowed Hunter Valley winemaker Brian McGuigan and businessmen John David, Basil Sellars and Bill Roche.

It is currently managed and directed by Matt Cowley, the son of Ken Cowley.

The sale campaign followed a decision by the shareholders in Tower Estate to sell the properties to new investors.

The offering comprises a mix of freehold and community title land totaling 21.75 hectares on the corner of Halls and Broke Road in Pokolbin and is made up of

• The Tower Lodge and Tower Estate Winery situated on a 16.19 hectare freehold lot. The Lodge comprises 12 luxurious guest rooms, the renowned Nine Restaurant, conference facilities and heated pool, spa and sauna and a two-level manager’s apartment. 
• The Tower Estate Winery rated 5 star by James Halliday, including a modern 300 tonne capacity winery, a few small vineyards and a detached storage building.

• Peppers Convent – the former home of the Brigidine Order of nuns, which was transported to Pokolbin in 1995 and restored as a five-star guesthouse.
• Robert’s Restaurant – consists of the Ironbark cottage built in 1876 and a larger main dining room built in 1995.
• The restored Welsh Baptist Chapel built in 1888 as well as the Robert’s Vineyard.

The properties are being offered for sale by expressions of interest, either individually or in one line, in a campaign closing August 27, 2013 and being led by CBRE Hotels regional director Rob Cross.

He expects the portfolio will generate significant interest from high net worth private investors, both locally and from offshore. 

“Given the trophy nature of the portfolio and its premier location in the heart of the Hunter, we have already fielded strong preliminary buyer interest from investors wishing to gain a foothold in one of Australia’s most recognised wine regions,” Cross said. 

“The portfolio represents one of the country’s best luxury boutique wine estates, including some of the most luxurious accommodation in the Hunter and a restaurant which is consistently rated as one of the region’s finest dining venues.” 

Co-selling agent, Jurd’s Real Estate principal Alan Jurd said the winery was located on a prime corner site regarded as Pokolbin’s “golden mile” and there was potential for future expansion.