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Vineyard and function venue property for sale are set to attract ‘savvy’ buyers

The land, buildings and business sustaining a commercially-run sauvignon blanc vineyard surrounding an exclusive function venue and boutique accommodation business have been placed on the market for sale.

Bhudevi Retreat at Rapaura north-west of the Blenheim features some 6.3 hectares planted in organically-certified sauvignon blanc grapes – which have delivered an average harvest of 91.5 tonnes over the past four vintages. Bhudevi’s grapes are sold under contract to three prominent Marlborough-based wineries.

The property’s vines are planted in Wairau silt loam soil, and the vineyard operation has consent to extract 144 cubic metres of water daily from a deep bore.

The substantial viticultural plantings encircle Bhudevi Estate’s residential and commercial property buildings – encompassing 1.5 hectares of landscaped gardens used for hosting weddings, along with a trio of five-star self-contained one-bedroom apartments used as guest suites by either members of the bridal party or by wedding guests, and a three-bedroom architecturally-designed homestead.

The 600-square metre Bhudevi Estate complex sitting on some eight hectares of flat freehold land at 51B Selmes Road is being marketed for sale by negotiation through Bayleys Marlborough. Salesperson Andy Poswillo Bhudevi Estate’s sauvignon blanc supply contracts were on rolling annual renewal agreements, with several other local wine-makers waiting for an opportunity to secure supply should any of the incumbent wineries alter their terms.

“The vineyard management is undertaken by a consultant, with the option for any new owner of Bhudevi to either continue with the existing service, or bring in their own expertise,” he said.

“The vines have returned an operating surplus of $104,000 per annum averaged over the past four harvests. As well as producing a primary crop, the vines are an integral part of Bhudevi Estate’s hospitality operation – by offering a natural picture-perfect backdrop to the wedding event side of the business.”

He said that any potential purchase of Bhudevi Estate would also have the option to negotiate for the purchase of an additional 20-hectare vineyard linked to the property.

Additional building infrastructure on the property includes a utility shed with office and toilet, and a shed containing the bore pump. The venue’s garden was established in 2009 and is watered by an automated irrigation system. The Rapaura venue has been a regular participant in the Garden Marlborough home and garden festival and is already signed up to participate in the 2020 House and Garden House Toursraising funds for the Breast Cancer Foundation of New Zealand.

Mr Poswillo said the residential component of Bhudevi Estate was designed to be capable of hosting smaller gatherings inside in either two living room spaces, or either of its two libraries.

“The architectural lay-out of the homestead’s lower level features a wide main entrance foyer leading out onto a concreted decking area which in turn then flows into the spine of the garden - with an inground water feature as its central focus and the vines and Richmond Ranges framing out the horizon of the vista,” Mr Poswillo said.

“The function and corporate hosting venue and accommodation arm of Bhudevi Estate has been run as a high-end lifestyle business by the current owners. However, there are several opportunities for any new owner to grow this revenue stream – such as increasing the number of weddings, incorporating the third suite into the accommodation pool, or letting the suites out as part of a lodge-style experience, or letting them through the likes of Airbnb,” Mr Poswillo said.

“The venue’s apartments are of a standard and amenity quality you would expect to find in a presidential suite at a branded hotel chain – each featuring a spacious lounge, separate upstairs landing living room, and master bedroom with en-suite. All of the apartments have shared access to an inground swimming pool surrounded by a resort-style tile and palm-tree lined area.

“Industry benchmarking has identified that if the suites were let out as stand-alone accommodation units, they could expect a nightly rack rate of between $350 - $430.”

Bhudevi Estate’s three commercially-operated suites are housed in a two-storey block built in 2004. All three apartments have their own luxury bathrooms and cooking amenities. One of the suites is retained as an office for the property’s business activities but is still fitted out for accommodation purposes. The suites, the main homestead, and the swimming pool are heated through solar paneling.

In the 2018/2019 financial year, Bhudevi Estate hosted 10 weddings. The venue is licensed to accommodate up to 200 guests and the nightly rack rates for the two Bhudevi Estate apartments are included in the ‘one stop’ wedding packages.

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