Carter Holt Harvey (CHH) is selling 29 "designer dairy farms" it has built on former forestry land around Tokoroa.
They range in size from 218 to 726ha and in price from $5.1 million to $10.4 million.
The company hoped their sale will bring $224.5 million.
Mike Fraser-Jones, senior agent for realtor Bayleys, said the CHH had begun selling off land in the area during the late 1990s but retained 30,000ha for development.
"The farms represent the end process of converting forested land back into a productive state," he said.