The car park has access from Flinders Street with two more access points are in Foxton and Tavistock lanes.
One of its three street frontages includes a 36-metre stretch that is one of the biggest in Flinders Street. The Collins Street financial precinct, Bourke Street Mall retail precinct and Flinders Station are nearby.
Mr Wolman said the site would become one of Melbourne’s most sought-after locations for a luxury or boutique hotel. In the meantime, the current tenants offered a strong income while a new owner waited for plans and permits.
“The property is located next door to the former Fletcher Jones site at 1 Queen Street, which has a permit for 18 levels on only 746 square metres,” he said.
Agents expected to receive competitive bids from long-term passive investors as well as developers, Mr Wolman said.