A luxury Waiheke Island winery that was put up for sale at the end of last year has been withdrawn from the market.
The owner of Tantalus Estate told OneRoof that while there had been interest in the multi-million-dollar business, offers had fallen short of expectations.
Bruce Aitken, who developed the estate over a 10-year period with his wife Donna, son Campbell and daughter-in-law Carrie, said the intention had been to test the market for interested parties.
“The end result was there were no bids that encouraged us to proceed to the next step. So, we have taken the decision to withdraw the offer of sale,” he said.
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“As a family, we are now committed to long-term ownership of Tantalus. We have a great team and are quite excited by the opportunities to continue developing Tantalus as a world-class venue and brand.”
The listing agent for the property, Ray White Waiheke owner Matthew Smith, said the offers the owners received were not representative of the impeccable quality of Tantalus Estate.
Tantalus Estate, which sits on 8.3 hectares on Onetangi Road, was founded in 2013 and quickly became one of New Zealand’s best-known wineries, hosting celebrity weddings and catching the eye of international media, including Vogue magazine.
It also boasts an award-winning fit-out by leading New Zealand architect Nat Cheshire and as of last year employed 70 staff.
Architect Nat Cheshire transformed the run-down buildings on the estate into an award-winning restaurant and winery. Photo / Supplied
However, recent years had put a strain on the estate. In November last year, when the listing was launched, Aitken told the New Zealand Herald that the business didn’t turn a profit. “Covid and the knock-on effects with the hospitality sector have been difficult for all of us,” he said.
The property, at 70-72 Onetangi Road, has a 2021 CV of just under $9 million but Aitken, who is the majority shareholder in the business, said it worth much more than that.
In November, Aitken told OneRoof he estimated the development costs of the property “wouldn’t get much change out of $30m or $40m”.
The property was taken to market with a high-profile PR campaign that included ferrying media over to the island by helicopter. It was withdrawn as a listing last week, a day after the tender process was closed.
The Alibi Brewer's Lounge: Tantalus is also home to an award-winning brewery. Photo / Supplied
The restaurant at Tantalus has won critical praise around the world. Photo / Supplied
Aitken had described the decade his family spent developing Tantalus as an adventure.
The family had bought a run-down vineyard on the site on Onetangi Road in 2013 with the aim of turning it into a craft brewery. But instead, they embarked on a multi-million-dollar mission to turn it into a world-class winery.
He said his son and daughter-in-law had spearheaded the redevelopment and had been instrumental in turning the winery into an acclaimed venue.
“It’s in a very nice location right on the street, and we were attracted to the idea that you want a bit of wow factor. So every element, from the buildings and the gardens, the food, we wanted ‘wow’.”
The business estate includes the world-class winery, restaurant, brewery, and event venue on 8.3ha. Photo / Supplied
The restaurant has been TripAdvisor’s number one Waiheke restaurant recommendation for five years’ running. It has global wedding and travel awards, the brewery was a champion in 2021 at the Brewer’s Guild, the cellar door was a finalist in New Zealand Winegrowers’ awards and the 2016 vintage wines have had rave reviews.
Tourists’ spending on Waiheke has been high over the last decade, but Tantalus is competing in a crowded market, with more than 30 wineries competing for business.
Waiheke has seen some high-profile sales of vineyard land in recent years, although land and business opportunities are less common.
Smith is also marketing for sale the Poderi Crisci estate, with the vineyard, restaurant, wine bar and homestead on 7.7ha at 205 Awaawaroa Road, on the southern end of the island.
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