Macquarie’s Paraway Pastoral Company is selling its Pier Pier Station located in New South Wales with expectations that the property could sell for upwards of $30 million.

The property, which is engaged in a mix of activities including sheep breeding and cattle fattening, is expected to garner heightened interest from institutional investors. The station totals 31,603 hectares and is an aggregation of five separate original holdings. Of the total land area, the property currently is comprised of 2,326 hectares of cropping land, 5,253 hectares of marshes, and 24,013 hectares of grazing land.

CBRE has been contracted to conduct the marketing process with Danny Thomas and Colin Medway managing the sale.

“Pier Pier’s size, diversity and development upside will be the key drawcards for prospective purchasers,” Danny Thomas, Regional Agribusiness Director with CBRE told The Australian.

Thomas goes on to add, “The marshes are extremely beneficial, particularly during drier periods … the property is currently carrying a huge body of Mitchell, Buffel, Couch and Medic marshes, offering an incoming purchaser enormous benefits.”

When considering grazing, the property has the carrying capacity of 48,000 DSE (dry sheep equivalent), and the nearly 3,000 hectares of cropping land which currently produces grain and fodder crops, has the ability to be increased to 7,000 hectares if a good Property Vegetation Plan is put in place according to Beef Central.

The property has also had recent investments made into water security including multiple dams and a reticulated system of bores, tanks, and concrete troughs.

Paraway Pastoral, one of Australia’s top five landowners, has seen much activity over the past 18 months. After posting a $23 million profit for the 2014 year on stronger cattle prices and higher land and water values, the fund avoided a fund management takeover and appointed Elizabeth O’Leary as its new head of agriculture. O’Leary was then tasked with convincing clients to not remove the investment bank from its management role as the fund approached its eight year anniversary in July of last year.

After gaining equilibrium, Paraway went on to make some significant changes to its agricultural portfolio including the sale of the Walhallow and Cresswell Downs stations in the Northern Territory to billionaire Brett Blundy and pastoralists Adrian and Emma Brown for $100 million, the purchase of one property in Victoria and two at Hay in New South Wales, Riverina for $32 million, and the purchase of the Rocklands and Tanga Stations in Queensland from Western Grazing Company for $130 million.