A seven-storey Victorian-style heritage building at 21-23 Elizabeth St was sold for $9.6 million in March.

Auctioned by CBRE, the mixed-use building was snapped up by Chinese buyers after long and intense bidding from a big crowd.

The building facade is heritage-protected but developers are able to develop a building up to 40 metres as long as the facade is kept.

The auction attracted a crowd of more than 100 people as the rare commercial and residential development opportunity arose.