Boneo vineyard set to triple $9m price in five years in big buyout
A Mornington Peninsula vineyard is being sold with grape expectations of smashing its $9m last sale price in just five years.
The about 71ha Boneo property and a 13ha neighbouring site have been listed for sale at an undisclosed sum.
However industry sources have suggested the owners might hope to see the larger of the two properties sell for $30m amid soaring Peninsula property prices and with nearby holdings seeking similar figures.
CoreLogic records show the vineyard at 410-430 Jetty Rd last changed hands for $9m in August 2016, leaving a chance it could triple in value in just five years if it reaches such lofty heights.
Colliers’ Duncan McCulloch and James Beer are selling the two sites and said that at 84ha combined they were “one of the largest holdings to be listed on the Mornington Peninsula in recent years”.
Mr McCulloch said he could not discuss the expected prices for the properties, but noted it was possible they would sell together in one big package deal.
“After 1.5 weeks we have had over 50 inquiries,” Mr McCulloch said.
“There may be some big vineyard players who want a substantial holding on the Mornington Peninsula. But it also has a 13ha lifestyle block that is right in the zone for people who want to move out to the Mornington Peninsula and work from home.”
It is also possible the larger of the two properties could become an agritourism destination, with the established vineyard and current configuration allowing for agricultural use, while there was also scope to set up a winery or a lavender farm to take advantage of the “world renowned” Mornington Peninsula location.
The property at 410-430 Jetty Rd has an established cool climate vineyard featuring Shiraz, chardonnay, pinot noir and pinot gris grapes. There’s also a 50 megalitre recycled water permit paired with almost 470,000L of holding tanks.
A three-bedroom house, a cottage and shedding round out the property.
At 107 Grasslands Rd, the 13ha property is being touted as a lifestyle residence that includes a four-bedroom house with three living zones and a separate two-bedroom cottage as well as a self-contained unit.
It changed hands for $1.95m in 2018.
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