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Business day - Art & Leisure
Wine By Michael Fridjhon The value of viticulture real estate is determined by many factors, of which terroir – or the ability of that land to yield high quality wine – is obviously considered central.
However, given the relative uncertainty about the exact role of the site-related elements – other than climate – influencing wine quality, investors engage in something of a guessing game when they set out to make the purchases.
Some of the more assiduous buyers conduct soil tests, though few do this in advance – a clear indication of how little they rely on this information in making their decision. In fact, it is true to say that the detailed soil data is generally used to imbue with greater precision the planting programme which follows the acquisition.
In short, except for the pioneers opening up new regions, much of what determines purchase is the presence – and success – of those who have put down roots where they have already put their money. Unsurprisingly this means that there is a premium attached to long-established areas, and a lesser loading for places on the way up. When Giles Web acquired the farm, which became Thelema in the mid-1980, he was buying into a place that had a reputation for fruit production, but no real track record when it came to fine wine. Although Helshoogte lies on the Simonsberg part of Stellenbosch, it was considered by many to be too cool on account of its elevation. Webb aimed to make his wines with a more intricate flavor profile – so a cooler site was exactly what he sought. He also knew that Thelema was very close to some of the region’s best properties. Within a radius of 8km you will find Rustenberg, Kanonkop, Uitkyk, Delheim, Warwick and Muratie. It was also in the 1980’s that John Platter acquired a Helshoogte property from which he developed an estate called Delaire. Seeking a cooler climate, he too was unfazed by the elevation of the vineyards. For many years this position at the top of the pass was regarded as the outer limit of the civilized world. Beyond it lay Banhoek (still Stellenbosch), and then the steep descent past Pniel into Paarl and Franschhoek. Then GT Ferreira bought that land next door to Webb, and began the development that is today Tokara. Mac van der Merwe acquired Zorgvliet. Delarey Brugman developed Alluvia. Now Micheal and Rose Jordaan have bought Bartinney, a Banhoek estate which used to be owned by Michael’s grandparents. Laurence Graff – bijoutier to the Rich and Famous – bought Delaire a few years ago, and has invested several hundred million rand to turn it into a showcase property. Given the now proven potential of the location to yield quality wine, as well as this string of significant investments, the ward now has acquired critical mass. Suddenly a part of Stellenbosch that wasn’t even on the wine route 20years ago is indisputably mainstream: the outer limit of the galaxy has become a new centre. Bartinney has virus-free Chardonnay and Cabernet vineyards dating back to the mid-1990’s (and some very fine 2009s in the pipeline). Its current release Sauvignon Blanc is unshowy, beautifully balanced, elegant and restrained.
Delaire is in the midst of a replanting programme – the first fruits of which are beginning to emerge from the cellar. Most of the current offering is made from bought in grapes. There are two savoury – but very delicate, roses – (one Shiraz dominated, one made from cabernet franc). A sauvignon Blanc, two chardonnays (one made solely from Delaire fruit) and a blended red. All the wines are comfortably worth their asking price. This, above all, reveals that management entertains a cavalier disregard for input costs. You can only do this if you have deep pockets and an unshakeable faith that you have chosen the one mountain to which the prophet will have to come.
