Perfect timing - out before the crash

Anthony Beverley. Photo / Kenny Rodger

Anthony Beverley enjoyed the vintner's luck - timing was on his side.

Four years ago, the Wellington businessman sold his Marlborough vineyard to Montana, quitting well before the industry topped out.

Beverley's 26ha vineyard, Lanark Lane, supplied grapes to Oyster Bay.

Although he put large amounts of time and capital into the venture, he never produced his own wine.

"It was mostly savignon blanc, some pinot," he said.

"It was a major undertaking. We spent more than $1 million. But we had a number of reasons for selling out when we did.

"The development profit was illogical. At the time, the value of developing vineyards was greater than it should have been.

"We could see over-development was flooding the market and a crash or a severe re-pricing was about to hit. Incoming guys paid too much for the land."

He said some land prices were more than double what vineyard blocks are now fetching.

Beverley said he took no joy in seeing his predictions fulfilled.

"I don't want to crow about this. The market should have held up, and it did for a long time."

Marketing campaigns have been started in a bid to find buyers for two failed Marlborough ventures.

Westpac NZ, owed $22 million, called receivers into the 300ha irrigated Awatere Vineyard, with 128ha planted in vines and 96ha.

It is under contract to Pernod Ricard and Villa Maria.

Not far away, receivers put the 100ha Cape Campbell's Cable Station up for sale.

It has 73ha of established savignon blanc, pinot gris, pinot noir, gewurztraminer and chardonnay, producing 420 tonnes.