By Amy Looker
Foster’s Group has confirmed that its first sale in its winery asset disposal program will go ahead, with wine industry stalwart and Rosemount founder, Bob Oatley, buying back the Cumbandry vineyard he sold off in 2002.
That deal was part of Southcorp’s acquisition of the Rosemount wine group.
Foster’s announced in February this year that it planned to sell off 33 wine properties it had acquired in its 2005 takeover of Southcorp, after an extensive eight month long review of its wine portfolio and subsequent restructure.
Last month, Foster’s said it had found buyers for all of its assets included in the disposal program, but so far only Cumbandry and a 32 hectare vineyard in Victoria’s Yarra Valley have reached the final agreement stage of the sales process.
Located near the central NSW town of Mudgee, the 862 hectare Cumbandry vineyard has 500 hectares of chardonnay, traminer, shiraz and merlot plantings, and will effectively double vineyard holdings for Oatley’s wine company, Robert Oatley Vineyards.
The Cumbandry vineyard will join Oatley’s seven other properties in the Mudgee region which produce fruit for Oatley’s three wine labels, Robert Oatley, Wild Oats and Montrose.