08/02/2000 - 21:00

Hotham poised to raise another $6m

08/02/2000 - 21:00


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HOTHAM Valley, fresh from its $10 million spending spree in the South West, is poised to raise $4 million to $6 million in a public offering.

Hotham poised to raise another $6m

HOTHAM Valley, fresh from its $10 million spending spree in the South West, is poised to raise $4 million to $6 million in a public offering.

Late last year the company bought Bridgeland Vineyards in Margaret River for $5.4 million.

It is currently settling the $3.5 million acquisition of the Wild-wood Winery and Restaurant in Yallingup.

Newly appointed managing director Evan Cross said the company planned to extensively upgrade Wildwood.

It is also looking at development opportunities for strata titled chalet development on the property.

Mr Cross said the company was poised to complete its transition from a low profile, boutique winemaker into a major player in the industry.

“Over the next five years we will expand the Hotham Valley label and create the Bridgeland label,” Mr Cross said.

The company aims to produce around 100,000 cases of premium wine per year.

“At the same time we will be developing a major tasting, sales and restaurant facility at the Bridgeland property, as well as upgrading the Wildwood property.

“This will obviously involve a significant capital outlay for the company and the establishment of a corporate management structure,” he said.

Mr Cross said there were several parties considering the chalet development.

“There are four existing chalets but planning approval exists for additional chalets, which gives us the potential for a picturesque, integrated wine-tourism development,” he said.

The Tourism Development Register, compiled by the WA Tourism Commission, that lists all tourism ventures at the concept, planning and construction stage in WA shows twenty-two chalets valued at $2 million had received Shire of Busselton approval.

Within the Yallingup-Dunsbor-ough region around eight tourism projects worth up to $72 milion are currently planned.

Brookland Valley Vineyard has plans to develop forty-four chalets at a cost of $8 million and $40 million will be spent on the Bunker Bay Resort developed by WR Properties with approval for 180 strata titled units.

Thirty-three units are planned at Cape Cottages, Dunsborough and a $10 million and a thirty apartment development of Caves House Hotel in Yallingup is also planned.

Hotham Valley chairman Robert Bird said the only way to survive in the wine industry was to keep growing.

He said Hotham Valley was willing to take on the position as a major WA producer of quality wine.


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