Pinot noir vineyard sells for below valuation

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GRAPPLING FOR GRAPES: The recent sale of a pinot noir block is being seen as a good sign for vineyard sales in the Wairarapa region.

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A 7.7-hectare block planted with pinot noir has sold in Martinborough and one real estate agent believes it is a sign that vineyards are beginning to move, albeit at reduced prices.

The Puruatanga Rd block was sold by Martinborough Vineyards for below its government valuation of $1.25 million, said Remax agent Hugo Sandall.

He thought it might be one of the first vineyards to sell in New Zealand for about six months, such was the lacklustre state of the wine industry.

The property itself was a landmark one because of its location.

"It's on Puruatanga Road, which is a very well renowned site for its climate and the soil types, particularly in that exact spot ...

"It's well established and a really good producing vineyard."

Mr Sandall hoped the sale would give the market fresh impetus: "I think now we're seeing a new price level emerging and that gives people renewed energy to get back into the wine industry or take advantage of opportunities that were not there before."

The vendor has since put another block on the market.

The 8ha Moyhall block on Martins Rd also has a rateable value of $1.2 million and is half planted in pinot noir and the remainder in other varieties.

- © Fairfax NZ News