Woolshed Vineyard, 68 Weld Street
35.49 ha vineyard subdivided into 8 lots; Lots 1, 4, 5, 6 & 8 firm-intention sale process
IFRS 5 held-for-sale
Parent
Palliser Estate Wines of Martinborough Limited (shares traded on USX, not NZX)
Sector
Agriculture
Business type
Vineyard
Business model
Wholesale/Distribution
Location
Martinborough, Wairarapa
FY end
30 June 2025
The signal
Palliser Estate has subdivided its 35.49 ha Woolshed vineyard into 8 distinct lots and reclassified them to assets held for sale. Lots 1, 4, 5, 6 and 8 are available for immediate sale with a firm intention to complete disposal; Lots 2, 3 and 7 are actively marketed. The board committed to the sale to fund its premiumisation strategy and improve liquidity — against an FY25 backdrop of a group loss, a maturing ANZ facility and a Material Uncertainty Related to Going Concern in the audit report.
Financial snapshot
| Land | $2,985,000 |
| Buildings | $160,000 |
| Other improvements (incl. irrigation) | $430,000 |
| Vines | $915,000 |
| Woolshed total carrying value (held for sale) | $4,490,000 |
| Group total held for sale (incl. Broadway Coolstore) | $4,870,000 |
General information
| Accountant | Sidekick Lawson Avery Limited (Chartered Accountants), Masterton |
| Lawyer | JB Morrison Lawyers |
| Banker | ANZ |
| Auditor | Grant Thornton New Zealand Audit Limited (Auckland) |
| FY end | 30 June 2025 |
| Currency | NZ$ |
FS verbatim
"68 Weld Street – Lot 1, 4, 5, 6 and 8 — Available for immediate sale with a firm intention to complete the disposal."
FY25 FS p.48 — Note 12 Assets held for sale
Key points
- Subdivided the 35.49 ha vineyard into 8 lots in FY25; Lots 1, 4, 5, 6, 8 carry a firm intention to sell, Lots 2, 3, 7 (and the Broadway Coolstore) are actively marketed
- Group FY25 total comprehensive loss $(311,390); operating loss before revaluations $(206,458); revenue $5.12m (vs $5.30m FY24); negative operating cashflow $(463,156)
- ANZ term loan $854,690 expiring 31 March 2026; bank overdraft $639,601 against a $1,000,000 limit; lending extension "yet to be finalised" at FS sign-off
- Material Uncertainty Related to Going Concern (Grant Thornton; opinion not modified) — the divest trigger for a board funding premiumisation and liquidity
- PP&E carried at $11.95m on an independent registered valuation (the audit Key Audit Matter)
Timeline
- FY2535.49 ha Woolshed vineyard subdivided into 8 distinct lots.
- FY25Weld Street lots and the Broadway Coolstore reclassified to IFRS 5 assets held for sale (combined $4,870,000).
- 29 Sep 2025FY25 financial statements authorised for issue — Grant Thornton flags a Material Uncertainty Related to Going Concern.