A massive deal for Chateau Yering in the Yarra Valley has resulted in a purchase by ASX-listed Elanor Investor Group, brokered by Burgess Rawson and HTL Property.
Purchased by leading tourism and leisure asset owner Elanor Investors, the timeless property adds to the listed entity’s growing stable of boutique and experience-driven accommodation assets nationally.
“From our first inspection of the hotel, we saw immense potential in Chateau Yering; and plan to elevate the experience for future guests in order to deliver a unique luxury experience in one of the world’s best wine regions” commented Elanor Investors Head of Hotels, Marianne Ossovani.
“We are excited to roll out our platforms and expertise in this sector, with a major focus on upgrading the rooms and common areas; to not only drive revenue but ultimately create an accommodation and events offering that encourages repeat visitation” added Ossovani.
Burgess Rawson’s, Head of Asian Investments, Zomart He said assets of this nature rarely come to the market and it was a pleasure to work with our partners to connect our client with the right prospective buyers; and in doing so generate such a high level of interest through the extensive and publicly marketed campaign.
“We received more than 160 enquiries throughout the campaign,” he said.
HTL Property Managing Director, Andrew Jolliffe said the sale of such an elegant and historical accommodation property, situated in one of Australia’s most visited tourism regions and so proximate to Melbourne, is symptomatic of broader wave of astute investment capital washing over the nation seeking pockets of opportunity.
“The recent increase in demand for experience and boutique accommodation assets has not abated. We are seeing both private and institutional capital aggressively target the sector as demonstrated by this sale and further announcements to be released in following weeks,” commented HTL Property Director, Nic Simarro.
Built in 1854, Chateau Yering has welcomed well travelled guests for more than a century and regularly accommodates weddings and high end corporate events in its outstanding indoor and outdoor function areas.
The historic 32 room luxury chateau is surrounded by 100 hectares of magnificent countryside and is situated adjacent to the award winning Yering Station Winery.
According to the Yarra Ranges Council database, the Ryrie brothers settled at the site in 1837. It was the centre of the region’s largest cattle run and the site produced Victoria’s first wine in 1845 and was later the site of one of the region’s largest and most famous wineries.
Under the management of its next owner, Paul de Castella, Chateau Yering developed into one of the most successful nineteenth century Victorian vineyards. The Chateau Yering Hotel was reborn in 1997 as a 5-star property.
The stable suites, created from the historic stable at the property, are named after the first three winners of the Melbourne Cup. There’s also a drawing room and library in the historic home.
