The West

Saraceni receivers kick off winery sale
Saraceni receivers kick off winery sale

Luke Saraceni's award-winning Saracen Estates winery and the 40ha of land near Margaret River that it is on are being put up for sale by receivers of the controversial property developer.

Martin Jones, of Ferrier Hodgson, has asked Landmark Harcourts and VNW Independent to try to sell the Caves Road property.

Expressions of interest close on August 9.

The selling agents are expected to advertise the property Statewide and nationally this week.

It is thought the property, which includes the restaurant, cellar door, micro-brewery and 16ha vineyard, has a market value of at least $8 million.

Mr Saraceni is thought to have spent at least $10 million developing the winery, which has won design, wine and brewing awards.

A Saraceni family-linked company has the operating lease for the winery while Mr Saraceni also has ties to the Duckstein Brewery joint venture. The sales process is thought to include the tenancies for both the winery and brewery, which have leases until 2018 and options to extend.

Mr Jones and his team were appointed receivers and managers of the Saracen Estates property in January last year at the behest of Mr Saraceni's aggrieved financier, Bankwest.

The appointment was the latest in the fallout from a collapse in relationship with Mr Saraceni, who was in the throes of building Bankwest's new headquarters at Raine Square, and his lender and proposed anchor tenant.

Just last week Bankwest went to the Supreme Court to accuse Mr Saraceni and one of his private companies of misleading or deceptive conduct over loan dealings just four months before the bank put receivers into his property empire.

The decision to sell Mr Saraceni's Margaret River property comes amid a tough time for investors in wine assets, with several WA wineries either having sold at low prices or struggling to attract interested parties.

Saracen Estates is likely to attract national and international interest because it is relatively modern and a renowned South West tourist attraction.

The West Australian

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