(Brisbanetimes) - Treasury Wine Estates is stepping up plans to divert funds into higher returning assets with the sale of vineyards, vacant land and homesteads in Australia's prime wine regions in the second tranche of a broader sell-off that will deliver a combined $10 million-plus.

Treasury, the maker of Penfolds, Wolf Blass and Rosemount sold off six vineyards in October, 2015 to reap close to $6 million and has now put a second group of vineyards, excess land holdings and homesteads on the market which experts expect could fetch an aggregate total of up to $4 million.

The asset sales are part of a continued drive by Treasury chief executive Mike Clarke to free up capital tied up in infrastructure and channel it into brand-building and marketing with a focus on the top-tier brands like Penfolds and Wolf Blass which deliver the strongest returns on investment. The top 15 brands at Treasury deliver 85 per cent of the company's annual revenues of $2.2 billion.

Mr Clarke and his supply chain executives are ahead of their plans in pulling out costs from the infrastructure and processes for getting their wine to market. He outlined at the first half results in February that costs had been lowered by about $1.13 for every case of wine sold. Treasury's share price has almost doubled to beyond $9.20 since the board ended talks with private equity firms KKR and TPG in September, 2014 after they couldn't justify paying $5.20 per share in indicative proposals.

Lower dollar to lift land values

Treasury has appointed Elders to sell the latest tranche of eight holdings, which include the Polish Hill River Vineyard in the Clare Valley in South Australia and a 42 hectare holding at Lyndoch in the Barossa Valley. Treasury is also selling two homestead properties in Eden Valley and a 30 hectare parcel of grazing land at Drumborg in rural Victoria, about 300km west of Melbourne.

Treasury declined to comment on the likely sale proceeds. Industry estimates put the combined value at between $3.5 million and $4 million.