JLL's managing director Stephen Conry, director of sales and investments Geoff McIntyre will coordinate the sale of one of Australia's biggest agricultural properties. The sale will be done with an International Tender campaign, which will close on September 20.

"Cubbie is a piece of Australian rural history, as a major world producer of high quality cotton and as one of the largest singular irrigation developments within Australia," Conry says. "This is a first class international rural investment featuring strategic and highly developed economies of scale, benefits from the gravity water system, water efficiency and an internationally high standard of capital development."

In total the property stretches 230,621 acres and is set up to grow cotton and wheat in rotation. On a good year, the property can yield 300,000 bales of cotton and 22,500 metric tons of wheat.

"The group has the ability to harvest and store large volumes of water in different locations providing high reliability and access to water. The storage facilities are deep and are able to be consolidated as water levels fall to minimize evaporation," Cubbie chair Keith De Lacy says. "The offering for sale of the properties is a unique opportunity to take advantage of the well overdue cyclical upturn in the agricultural industry and to capitalize on one of Australia's largest water allocation with an ongoing commodity forward selling program."

Cubbie Group will use the funds raised from the sale to reduce debt and recapitalize the business. It will also begin pursuing other agriculture space.