‘Olio Mio’, the Hunter Valley estate with stunning mountain and vineyard views and a boutique olive oil and wine business, has been sold by Richard Royle and Deb Cullen of Cullen Royle.

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The estate includes a six-bedroom main residence and a separate two bedroom guest house as well as a boutique olive oil and wine business, producing the Olio Mio range of olive oils and Stormy Ridge Wines, including an olive processing plant supported by a 25 acre (approx. 10ha) olive grove and six acre (approx. 2.4ha) vineyard. 

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Richard Royle told WILLIAMS MEDIA that Cullen Royle conducted a five week on-market expressions of interest campaign and negotiated the final purchase price and terms within another week.

“We received over 250 enquiries during the EOI campaign, which was a combination of online, phone and emails and 14 private inspections. At the conclusion of the EOI we received multiple offers which was terrific,” Richard explained to WILLIAMS MEDIA.

“There is a confidentiality agreement in regards to the buyer’s identity and the final sale price. However, I can say that we had a price guide of $7.5mil throughout our marketing campaign and we achieved a price both parties are really happy with.”

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Richard said the sale proved there is currently a high demand for rural lifestyle properties which offer extended accommodation and the ability to generate revenue from either tourism or, in this case, wine and olive oil sales. 

“We are seeing a trend emerge with buyers looking to now buy holiday destinations and spend more time working remotely. We are expecting these properties to be available on accommodation booking sites when they are not being used by the owners.”

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Enquiry came from across Australia as well as internationally.

“We had families from Sydney and the Greater Newcastle region and good enquiry from interstate buyers based in Melbourne and South Australia. There was also quality enquiry from international buyers who were looking to spend extended periods in Australia,” Richard told WILLIAMS MEDIA.

“In the end, Olio Mio was purchased by a private Sydney family who will use the estate for their own enjoyment and will continue with the wine and olive oil business.”

To view the listing or for more information click here.

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