Charles Stewart agent Nick Adamson says while the property would be ideal for a first time dairy farmer or a share farmer wishing to upgrade, it is also being offered as three different blocks, giving the opportunity to purchase a house on acreage or expansion paddocks.

"Toolong has been a generational dairy area for years and the fact that the nearby town of Port Fairy has grown in a lifestyle point of view means smaller dairy farms are being purchased by a neighbour or broken up and used for lifestyle purposes because of their proximity to the town," he said.

"It is a great opportunity to buy parcels of valuable farm land close to the seaside location of Port Fairy.

If the land is sold in separate lots, there is the opportunity for new homes to be built.

The 120-hectare property is located on the Moyne River and has an average rainfall of 750 millimetres.

"This property has significant Moyne River frontage and the Toolong area is known for its productivity and fertility year round, because of its soil type," Mr Adamson said.

A majority of the property is black evergreen Moyne River flats, with some black and grey loam.

These highly productive flats are suited for dairy out-paddocks or beef fattening, with two windmills on bores also in place.

The predominantly perennial pastures of ryegrass and white clover have a boundary fence of barb and electric wire,with most of the internal fencing being electric.

The property has also had consistent DAP fertilisation in recent years and currently has 4ha under Winfred Rape crop.

A new North-facing four-bedroom home sits next to the Moyne River and includes a central kitchen, two bathrooms and outside deck area.

The home can be purchased as a separate lot on 27ha and is a definite feature, with northerly and easterly rural views, landscaped garden, established trees and good shedding and water supply.