It's an anagram of South Yarra, but I don't quite get the former factory bit. Do you mean the old Rosella factory, the one which exuded all those wonderful/not so wonderful smells as the train passed by?
Well done Lad! South Yarra is correct, anagram of "has your art". The "Former factory" is a reference to the Jam Factory which is now quite an arty place. I certainly remember the strong smell of yeast in the mornings passing between the station and the river!
The word "left" can be used to represent the letter L, as in L and R, common abbreviations for left and right. So "left out" could mean that the letter L has been removed from something .....??
Jacana is correct, for the reasons stated. The old Australian airline is Australian National Airways (remember them?). They were founded in 1936, were taken over in 1957 by Ansett, to form Ansett-ANA, but the "ANA" was dropped from the name in 1968..