Lancemore Group has returned to where its hospitality business began 35 years ago – with the Freehold Going Concern purchase of a Macedon Ranges vineyard.
Cleveland Winery at Lancefield is understood to have sold for more than its $3.8 million guide but this couldn’t be confirmed.
On 40.3 hectares, it contains 50 suites, seven function spaces, restaurant and cellar door with working garden.
The property will be held with Lancemore Macedon Ranges – the operator’s first venue – also in Lancefield.
Its portfolio also includes Lancemore Milawa, in the northern High Country, Lancemore Lindenberry Red Hill and Lancemore Mansion Hotel Werribee Park.
In the CBD it runs Lancemore Crossley St at 51 Little Bourke St.
Outside of Victoria Lancemore controls Larmont Sydney at Potts Point and Alamanda Palm Cove, north of Cairns.
JLL’s Nick MacFie and Will Connolly marketed Cleveland Winery – about 75 kilometres north of Melbourne.
The deal comes seven months after Hepburn Springs’ Bellinzona Resort sold to Tony De Marco and Theresa Albioli, who own and manage 65 Daylesford region assets (story continues below).
Cleveland Winery to be renovated
Lancemore chief executive officer Julian Clark said its latest acquisition, 55 Shannons Road, will undergo a major refurbishment and be held as a long-term play.
“We feel that Cleveland Winery has some outstanding repositioning potential,” he added.
“We love an opportunity to put the Lancemore touches on an existing asset and we are really excited about our future”.
Mr MacFie said the campaign closed under “extremely competitive conditions” with eight offers.
“The obvious attraction to purchasers was the opportunity of securing the asset as a Going Concern,” according to the executive.
“With it came a property that presented enormous potential, yet included existing qualities such as meticulously curated grounds on a significant parcel of land,” he added.
“It created somewhat of a perfect storm for owner-operators to update the property whilst taking advantage of existing infrastructure and amenity”.