It is said to be one of the largest vineyard purchases in Marlborough for a number of years.
Mission's chief winemaker, Paul Mooney, said the lower Awatere valley was noted for wines with "distinct mineral notes and intense varietal character".
"It is our intention to produce single vineyard wines of quality and influence," he said.
"These wines will provide a very compelling offer when viewed against our highly regarded Bordeaux blends and Rhone-style wines from our Gimblett Gravels vineyards."
Mission viticulturalist Caine Thompson said he liked the vineyard's soils and "outstanding vine health".
"The block exhibits very low disease pressure, has considerable water resource and enjoys a relatively frost free profile," he said.
"These factors combined with an excellent location have created an extraordinary opportunity for the company."
Stuart Smith, chairman of New Zealand Winegrowers, says the purchase is an important one for the New Zealand wine industry.
"This is a particularly positive move and is further evidence of Marlborough's desirability as a premium grape-growing region. The purchase also reflects the ongoing interest in Marlborough, particularly in the light of the industry's improving export performance."
Previous owners Murray and Daphne Brown will be retained to manage the vineyard, and Mission Estate will continue to source fruit from existing vineyards in Hawke's Bay, Marlborough and Central Otago.
Mission Estate is the oldest Bay winemaker, established in 1851 by French missionaries.
