Eastern Australia Agriculture has emerged as the $61 million buyer of the large-scale cotton property, Kia Ora, at St George in south-west Queensland.
Eastern Australia Agriculture says it will convert the highly regarded property from cotton to wheat production.
The 12,000 hectare property, with about 8000ha under irrigation, was selected by Eastern Australia Agriculture director, Angus Taylor.
Eastern Australia Agriculture has bought other smaller properties around Australia.
"We acquired properties with well-developed irrigation and farming infrastructure and we are investing to further improve the productivity of this enterprise," Mr Taylor said.
"We are interested in acquiring further agricultural properties in Australia, and our investors share a positive view of the prospects for soft commodities and agricultural productivity gains over time."
Eastern Australia Agriculture bought Clyde, another irrigation property, at St George this year.
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