Treasury Wine Estates has acquired Beenak Vineyard from Accolade Wines as it looks to build on domestic high quality fruit holdings. Beenak Vineyard, in the upper Yarra Valley, produces pinot noir and chardonnay grapes.
An Accolade spokesperson confirmed the sale to Food & Drink Business, saying the company sold the asset due to an oversupply of these grapes within the business.
Treasury Wine Estates CEO Tim Ford said the success of Coldstream Hills and St Hubert’s wines meant vineyards producing pinot noir were of particular interest.
“The opening of our new cellar door at Hubert Estate has further enhanced demand for cool climate wines in the portfolio,” Ford said.
St Hubert’s was established in 1862 and was one of the first wineries in the Yarra Valley.
TWE unveiled the redeveloped St Hubert’s winery, Hubert Estate, in April this year, including a cellar door, wine store, event space, restaurant, and art gallery.
In May, TWE opened one of the largest wine bottling operations in the world in South Australia's Barossa, providing capacity to increase premium wine making by one-third up to 216 million bottles a year.
