An iconic Wangaratta landmark will come to life as a storage and distribution centre with a long-time local Canny family now owners of the former IBM buildings.

Located on Shanley Street, the 66,000sqm site comprises a footprint of 15,000 square metres with a 7000sqm warehouse 8000sqm office building complex.

The Canny family will continue to operate their trucking business from Murrell Street and they have big plans for their latest acquisition to become a distribution hub.

The multi-million dollar investment will allow the Canny family to lease out the new warehouse, with multiple local businesses showing interest.

Selling agents who assisted with the purchase, Garry Nash and Co, were thrilled that the Canny family made the decision to invest further in Wangaratta.

"They have been an outstanding contributor to Wangaratta over their 120-plus years of providing transport and it's a dynasty that continues on," Mr Nash said.

"It's outstanding that they have identified a need and really stepped up to acquire that iconic asset that is the former IBM building."

In marketing the property Garry Nash and Co called on the assistance of Colliers International and they proved valuable input to help the Cannys make an informed decision to buy the asset.

He said the great aspect is the Cannys are looking to turn the asset into a hub and a major central warehouse and distribution centre for the Rural City of Wangaratta.

Agent Mike Noble said the sheer space of it is the only one in Wangaratta that would compete with the Logic Centre at Barnawartha and this puts the rural city on the map more in having large scale warehouses.

The geographical positioning of the site at the southern end of Wangaratta near the Hume Freeway is also appealing for distribution.

Rod Canny said the warehouse is perfectly set up as a one-stop-shop for freight and storage, allowing operators to dispatch from the new location direct to their clients.

"We've been in talks for a couple of years through Garry Nash and Mike Noble and they've done a terrific job for us, along with RJ Sanderson & Associates in getting us to this stage," he said.

"We have also been talking to other local businesses who would be able to benefit from the large space.

"There are not many empty warehouses that have this scale of area in Wangaratta, and while there are in Albury, they all seem to be full.

"We just want to centre on Wangaratta, the King Valley, Benalla, Myrtleford and Bright areas that can use something that's not too far off the highway."

The 8000sqm building, carpark and parcel of land on site open the door to exciting plans, offering options for future business growth in the area.

The other section of the building includes offices, and following renovation, the Cannys are looking to lease this as well.

"It's been there now for 50 years, and although it has been utilised since, we have greater plans for its structural development," Mr Canny said.

He said the venture will allow the business to diversify alongside the trucking business.

"Hopefully it will help keep businesses in Wangaratta wanting options for storage," he said.

Cannys Carrying Company Pty Ltd was established in 1900 and Mr Canny said this is another step in the family story.

"You have to step before you walk and we've been here for a long time - this is another step and hopefully we'll be around for another 100 years," he said.

"We have 30 prime movers and 40-50 trailers along with our depot in Melbourne including a lot of rigids.

"We do a lot of import, export container work so it's a one-stop-shop there as well - if people can get it off the wharf, we can bring it up to them.

"The next generation is now in charge of the business, Kayla and Jai, and they manage the transport, where I help out on the outside."

The Cannys will have a project manager overseeing the development of the site over the next 12 months.