Listing agent Mark Lester, with Colliers International, acknowledges that the sale comes at a time when vineyards and wineries have been hard-hit by a series of extreme weather events, including destructive summer wildfires and a winter deep freeze that have compromised or destroyed crops. He also notes that the provincial government has made a commitment to support the industry’s recovery.
“I don’t think that there’s a winery in the Okanagan that hasn’t been impacted,” he tells CTV News.
“It’s still hard to say what the long-term impact is going to be,” he adds, saying that the current owners have said the damage to this year’s crop might not be as bad as initially feared.
But Lester also says this property is notable for more than just the wines it produces, because of its status as a top-rated tourist destination and popularity as an entertainment and event venue – making it potentially more resilient than other Okanagan wineries.
“It’s an experience,” he says.
“Buying it as an experience destination really provides an entrepreneurial opportunity for a new owner to grow. So much of what the industry is in the Okanagan is tourism-related. And despite deep freezes and fires, people will continue to come to the Okanagan.”
One of the unique features of the business is the wine shop decorated with 3D art, created by the current owners’ son. Everyone who visits gets a pair of glasses.
“It’s just kind of a neat experience. There’s nothing like it,” Lester says.
Selling or buying a winery, even in times when the industry is not facing challenges, is something that Lester says is more like an art than a science. Considerations include market forces like supply and demand and objective factors including the profitability of the business. However, there are also more abstract factors that come into play.
“You’ve got people who have a dream of owning and operating a winery. That’s subjective, right? That’s where it turns from the analytical to the emotional. And I think that that’s a really critical thing to consider when looking at what’s going to impact the value of a winery,” he explains.
The Vibrant Vine is listed for $9,995,000. More details about the property are available online.
