An extraordinary result has been achieved for a complex of factories in Melbourne’s west.

The four buildings on 3,003 sqm at 45-47 Industrial Avenue, Hoppers Crossing, were snapped up under the hammer on March 17 for $3.3 million.

Six bidders battled for the property and drove up the price a whopping $400,000 above the seller’s reserve, according to Barry Plant Commercial director Benjamin Klein.

“There was a strong turnout for the auction, ” he said.

“With six groups participating in the bidding, including a buyer who flew down from Sydney.”

The buyer, who lives locally, planned to run his business from two factories and lease out the other two, Mr Klein said.

The result was an outstanding one for the buildings that were presented in ordinary condition, according to Mr Klein.

“The property sold on a tight yield of 3.3 per cent,” he said.

“And the land sale rate was $1,098 per square metre, which is high for an industrial property in the western region.”

On a prime Industrial 1 zoned allotment with onsite parking, the four factories range in size from 365sq m to 473sq m, and are currently leased to storage and light manufacturing businesses.

On individual titles, they were offered as a whole and drew strong attention, according to Mr Klein.

“There is a lack of industrial listings in Hoppers Crossing,” he said.

“And this property is suitable for multiple uses and offers immediate rental income.”

The property is in a tightly held precinct near a large residential catchment, skilled workforce areas, major commercial outlets, and the M1 Princes Freeway, Old Geelong Road and Forsyth Road.

Mr Klein worked with the team at Barry Plant Werribee, including director Donald McKillop and commercial agent Tim Marcus, to achieve the outstanding result.

“This shows the strength of the Barry Plant network,” Mr Klein said. “And the ability for all offices to work hand-in-hand to ensure the best possible outcome for our clients.”

Based in Geelong, the seller who owned the property for more than 30 years, was a long-term client of the Barry Plant group, according to Mr Klein.

The four-week campaign attracted more than 90 enquiries from owner-occupiers, investors and developers from across Victoria and interstate.

More industrial stock was expected to hit the market, including side-by-side factories at 8 Kembla Street, Cheltenham, near Moorabbin Airport and DFO.

“This property with car parking will attract owner-occupiers and investors,” Mr Klein said.