Operating since 1895, Hunter Valley vineyard stalwart Tulloch Wines is not just a brand; it’s an indication of quality. Encased in the leaf-laden hills of Pokolbin, the story of Tulloch is one that commenced in the late 19th century, when John Younie Tulloch accepted an expansive 43-acre property as a settlement for a debt he was owed. John quickly developed an affinity for his acquired site, and took it upon himself to transform the parcel of land into something significant.
By the 1920s, he had done just that; he had established himself as the largest vigneron in the competitive Hunter Valley, cultivating some of the finest grapes in the country on the property he had come to name ‘Glen Elgin’. His eldest son, Hector John Tulloch, carried on his vision, creating the famous Pokolbin Dry Red and Hunter River White labels that have been inspiring the taste buds of wine connoisseurs for decades.
Now, as some of the more notable individual shareholders are seeking to retire and exit the business, the namesake Tulloch family is unable to control the brand themselves, and as such, this 127-year-old establishment is available for purchase.
“Tulloch has demonstrated robust historical profitability for a very long time.” That was the message espoused by HTL Property Managing Director, Andrew Jolliffe, who is bringing the property to market alongside Ray White Rural’s Chris Malone. “Yet [it] still houses numerous revenue levers yet to be maximised; including the better utilisation of the very rare retail liquor licence it owns.”
Given that it was HTL Property that recently brought Hunter Valley’s statuesque Estate Tuscany to market successfully, their assessment should be considered well-informed. In the case of Estate Tuscany, the agency had to comb through over seventy enquiries about the 23-acre property, including several formal offers that were submitted at closing. Clearly, the market had found something to be excited by.
The interest in Tulloch Wines should be similarly intense. As it stands today, Tulloch Wines is situated on a 19-acre landholding, complete with modern cellar door and catering facilities, and offers those interested in its sprawling views a great wealth of upside, with there being opportunities for both consolidation and further development.
“Market activity in this sector has been pronounced over the past month, with the sale of Josef Chromy Estate and the proposed sale of the Casella family holdings enlivening astute investors”, advised Jolliffe. Those sales the agent mentioned are very much worth noting; Josef Chromy Estate sold to Warakirri and the Endeavour Group for a reported $55 million, and the Casella Family Brand are in the process of selling 35 vineyards covering 7,258-hectares of land in South Australia and Victoria. The market has been showing enthusiasm for wineries, and this is sure to be reflected in the way investors respond to Tulloch’s Expressions of Interest campaign.
“We are excited to represent this highly regarded vineyard, complete with unparalleled brand equity and as such promote the opportunity to acquire an iconic foothold in Australia’s first ever wine growing region,” Jolliffe stated.
That seems to be one of the keys to this sale; the new owner is not just going to end up with a plot of land. They are going to have access to a historically relevant brand and facility that possesses a voluminous 14,000-customer database. They’ll be invested in one of Australia’s most iconic tourist destinations. The magnetism of the Hunter Valley drove a near-$10 million sale of the Two Rivers winery in nearby Denman, and Chris Malone sees the same contributing factors leading to a significant sale for Tulloch Wines.
“[The sale of] Two Rivers winery in nearby Denman has highlighted the patent depth of investor interest in rural property holdings; particularly those which are underpinned by very profitable business operations,” commented Malone. HTL Property and Ray White Rural expects investors will be able to see what the agency sees; an opportunity that can’t be passed up.
HTL Property has brought Tulloch Wines to market via an international Expressions of Interest (EOI) process. The campaign concludes on the 16th of June, 2022. You can view the listing here.
