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Diamond Ridge vineyard goes on the market

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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