THE administrators of the Diamond Ridge vineyard management company have put its 200-hectare Donnybrook property on the market, calling for expressions of interest through Busselton property agent Brian Moulton of LJ Hooker.
THE administrators of the Diamond Ridge vineyard management company have put its 200-hectare Donnybrook property on the market, calling for expressions of interest through Busselton property agent Brian Moulton of LJ Hooker.
Diamond Ridge has been part of a troubled wine-related business acquired by mining junior Tuart Resources about 18 months ago.
The move is part of a restructuring effort, including a desire to release the Commonwealth Bank from its position as a major creditor. The bank financed the land purchase for Diamond Ridge and another Tuart-linked vineyard, Preston Vale.
Tuart spokesman Dean Scook said he was confident that a deal with Nextbanc would relieve some of the financial pressure on the company and provide a good return for growers associated with the two vineyards.
Mr Scook said Nextbanc was negotiating to buy about 191,666 cases of unlabelled wine for about $10.5 million (about $55 a case) that it would then sell into Asia.
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