A 7.37 hectare site in Melbourne's western industrial market has been sold for $22 million after a bidding war between local and interstate buyers.

Containing improvements of 24,343 square metres with an estimated fully leased annual income of $1,478,924 per annum, the property is located about 9km west of Melbourne's CBD at Tottenham.

At a glance: 

• A 7.37 hectare site in Melbourne's western industrial area sold for $22 million.
• Property sold through Colliers International's Nick Saunders and Cushman and Wakefield.
• Site contains improvements of 24,343 square metres with an estimated fully leased annual income of $1,478,924 per annum.

The sale was conducted through Colliers International's Nick Saunders, in conjunction with Cushman & Wakefield's David Norman.

Mr Saunders said the interstate buyer would aim to reposition the land within the region.

"The area of Tottenham an ideal location for gentrification and well suited to better quality industrial property, such as distribution centres or high-tech units," he said.

"It is  highly regarded for its proximity to the Port of Melbourne and extensive road networks including Sunshine Road, Geelong Road/Princes Highway, Francis Street and the West Gate Freeway.

“The continued re-gentrification of the inner western industrial area continues to fuel demand for city fringe industrial land. Tottenham also benefits from a strong established residential catchment.”   

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