The Patritti family has announced it will be selling its Adelaide urban winery and two McLaren Vale vineyards, marking its first change of hands since being founded by Giovanni Patritti in 1926.
“After nearly 100 years of dedication and resilience, the Patritti family has made the difficult decision to offer for sale their renowned winery at Dover Gardens, along with the Tatachilla and Blewitt Springs vineyards,” wrote the Patritti Board in this statement.
“The family decision was based on a combination of factors including the industry environment and succession considerations and comes after careful reflection on the challenges faced by the industry in recent years, as well as the unwavering commitment shown by the family, Board, management and staff.”
Located 12km from the CBD, Patritti’s Dover Gardens winery is Adelaide’s only remaining 100% family owned, fully operational suburban winery and cellar door.
The associated Blewitt Springs and Tatachilla vineyards are 68.95 and 27.31 hectares in size and are planted to Shiraz, Grenache, Cabernet Sauvignon, Mataro and Muscat.
Leading commercial real estate agency CBRE has been appointed to manage the sale.
“The Patritti brand is highly respected due to the quality of wine and longstanding family history,” said John Harrison, one of the appointed agents.
Colleague Ned Looker added, “due to the winery’s sought-after location and being a large land footprint in a residential area within Adelaide’s inner southwestern suburbs, it also lends itself to further development opportunities.”
The Patritti brand assets will be made available for purchase as either a going concern - including wine brand, labels, wine stock, consumables, business goodwill, and associated plant and equipment - or as individual properties, with the first stage of expressions of interest closing on Thursday 6 March.
While CBRE said in a press release that the Dover Gardens winery may be “suited to further development opportunities, subject to council approvals,” Harrison believes most buyers will be looking to build upon the Patritti legacy, especially given direct to consumer channels have proved “more resilient than wholesale” in Australia in the current economic climate.
“We’re expecting interest from wine industry participants seeking to continue the legacy,” said Harrison.
The Patritti Board also expressed optimism about the sale in its statement.
“With a well-established brand presence in both wine and juice, an operational hospitality venue, and a suite of contracting services, this represents a unique opportunity for prospective buyers to acquire the business as a going concern and/or explore alternative investment possibilities,” it wrote.
“The Patritti family extends heartfelt thanks to all those who have supported and been part of the journey over the years.”
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