The industrial-zoned, 12,680 square metre site at 513 Atkins Street is occupied by LEED Steel.

L.J. Colquhoun Dixon director Andrew Dixon said the property sold under auction conditions in Melbourne on Wednesday morning.

"There was competitive bidding; we auctioned the property in conjunction with Burgess Rawson Real Estate," he said.

"The purchaser was a Melbourne investor and the losing bidder was a Sydney investor."

Mr Dixon said inquiries had been received from both capital cities as well as locally, leaving agents "quietly confident" ahead of the sale.

"I suppose we were always thinking of a price of $5 million and upwards," he said.

"I think it probably exceeded our expectations really, it's a strong result.

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"It's a reflection on the lack of quality commercial investment property for sale; good property is always very tightly held in Albury-Wodonga.

"When quality property is available, it sells very well."

Within the site, which offers dual frontage to Atkins and Panmure streets, is a 3860 sq m factory that includes an office, warehouse and seven gantry cranes.

Mr Dixon agreed having an established business as a long-term tenant added to the attractions of the sale.

"LEED Steel has been there for 22 years and this will be a new seven-year lease," he said.

The lease is set to continue until February 2029, with options to 2039.

With the tenant paying all usual outgoings, the property's rental is about $320,000 a year.

Recent Albury commercial auction results have included $4.185 million for a West Albury medical centre and $1.335 million for a South Albury industrial building on the corner of Panmure and Macauley streets.

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