Wolman and Hay, along with Leon Ma and George Davies, have also sold 12-18 Meyers Place to Sydney hospitality entrepreneur Justin Hemmes.

Records show Hemmes has placed a caveat over the modernist warehouse, which houses Argentinian steak house San Telmo.

The building, which is on a 603 sq m parcel of land, last sold in 1993, in the depths of the recession, for $910,000. This year’s price is believed to be more than $16 million.

After a quiet start to the year, the CBD commercial property market is springing to life.

Property agents say buyers and sellers have been “sitting on their hands”, waiting to see what would happen to valuations, following interest rate rises and falling office prices.

However, the first CBD freehold auction for the year on Friday signalled better things to come.

Seven parties bid furiously for 144-148 A’Beckett Street, making around 150 bids before the hammer dropped at $11.85 million – a whopping 42 per cent above its reserve. It was a stellar result and a strong endorsement of the CBD market.

The vacant four-storey building, on the corner of Anthony Street, is on a 288 sq m block, giving the deal a land value of $41,145 a sq m.

The buyer, who held a phone in one hand and a toddler in the other, is planning to use the 1187 sq m building for education purposes.

The vendor, a deceased estate, bought the property in 1991, paying $785,000 as that decade’s bitter recession kicked in. The Queen Victoria Market precinct of the city has been transformed since then.

Loading

A forest of towers has replaced many of the low-rise pubs, offices and warehouses.

Last month, Lendlease unveiled plans for a $1.7 billion residential development around the corner at the Franklin Street end of the market’s car park.

Next up to test the market is Melbourne House at 360 Little Bourke Street, which has been put up for sale by Singapore developer Roxy-Pacific.

The six-level building, previously owned by legal education provider the Leo Cussen Institute, is expected to sell for more than $30 million. It last changes hands for $33 million in 2017.

Roxy-Pacific had a permit for a 300-room hotel for the site but, in 2021, ruled out a full demolition and revamped its plans. The 4504 sq m building is on a 937 sq m site.

JLL agents Josh Rutman, Nick Peden and Tim Carr have been appointed to that listing, along with Hay, Wolman and Ma.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.