An historic seven-storey commercial building on one of Melbourne's landmark lanes has been sold to a Swiss company by Swinburne University of Technology after a competitive sale process.

More than 300 enquiries and about 10 offers were made on Invicta House, including the undisclosed offer from Fidinam on behalf of ST Australia Real Estate out of Switzerland.

The 100-year-old Melbourne building was listed for $40 million in 2018 and purchased by Swinburne University, which decided to list the property at 226-232 Flinders Lane after a difficult year for the sector.

The art deco building was formerly home to Victoria Police and Greenhouse Backpackers. It was offered subject to vacant possession through Colliers Internationals’ Daniel Wolman, Matthew Stagg, and Oliver Hay.

Wollman said they had offers from investors, owner-occupiers and developers seeking to capitalise on the up-side flexibility of the CBD property.

Related: RMIT Sells Bourke Street Building

“The blank-canvas opportunity on a corner block in one of Melbourne’s most desired pockets saw interest from all types of buyers, which had the negotiations running deep into the New Year period,” Wolman said.

“The purchaser has just secured a piece of Melbourne’s history and invested in its future and we are excited to see the next chapter for this magnificent building.”

Fidinam plans to refurbish the property and rooftop terrace into an office building with a hospitality offering.

Invicta House has 6,482sq m of gross leasable area on a 741sq m freehold site with 18.22 metres of frontage along Flinders Lane.

Swinburne University had originally purchased the Melbourne office to create an event space, however, decided to further invest in technological innovation at its Hawthorn campus.

As well, after a partnership agreement with ACMI to establish the Swinburne Studio in Federation Square, the university plans to utilise a different space in the Melbourne CBD.