Police are treating the fire, which was started between 1am and 1.15am on Thursday morning, as suspicious.

Mark O'Callaghan has lived in a flat at the premises with his partner for about a year. He and his partner awoke to banging sounds.

"My partner and I were in bed when were heard banging," Mr O'Callaghan said. "I thought it was fireworks but it kept going so my partner asked me to go and check it out."

Mr O'Callaghan said he was shocked to see his boat, which was stored in his carport, fully alight. "The boat was engulfed in flames and the cars were starting to catch fire," he said.

Mr O'Callaghan said the couple's boat had been destroyed and their car had been significantly damaged.

"My partner has lung cancer and I need that car to take her to appointments," he said. "I'm just glad nobody was hurt but I don't know what we're going to do."

Warrnambool police Senior Sergeant Chris Asenjo made an impassioned plea on Friday for anyone with information on the incident to come forward. "Police investigations thus far have deemed the fire as suspicious with the point of ignition being near where the boat was stored here," Senior Sergeant Asenjo said.

The boat and a car were destroyed, while two others were significantly damaged.

"As you can see the roof of the carport has also been caved in," Senior Sergeant Asenjo said. "We do believe this fire is suspicious and has been deliberately lit. We had arson chemists and forensic investigators here yesterday scouring over the scene."

Senior Sergeant Asenjo said the loss of the car was devastating for the woman who had significant health issues. "I'd suggest that it has been a particularly callous incident," he said.

Anyone with information is asked to contact Warrnambool police on 5560 1333 or CrimeStoppers on 1800 333 000.

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