Selling agent Brian Hancock, from Brian O'Halloran and Co, said the building, on the corner of Lava and Banyan streets, would more than likely sell after the auction.

“We’ll be looking at offers between $425,000 and $460,000 or higher,” he said.

He made a vendor’s bid of $400,000 and no further bids were made. About 15 people attended the auction at the Mid City Motel.

He said the current owner purchased the building back in the 1970s, running the dry cleaners there until 2011 before the business was sold.

“This building now opens up the opportunity for a developer or owner/operator to operate a new business from the unique CBD site,” Mr Hancock said.

The site includes a shop-front retail area plus a warehouse area that has double-door access to Banyan Street. Classic Dry Cleaners is moving into new premises on Raglan Parade in January.

In other real estate results, an outpaddock at Koroit sold under the hammer on Thursday. Mr Hancock said the 34-acre property on the Koroit-Woolsthorpe Road sold for $195,500, which equated to $5617 per acre.