Patricia Ilhan sells Little Collins Street premises

Businesswoman Patricia Ilhan has sold her Melbourne CBD investment premises to a local investor for close to $9.5 million.

The historic four-level building at 362 Little Collins Street returns annual gross rent of around $400,000.

It was formerly part of a series of buildings occupied by the city's McEwan's hardware store.

It was sold by Vinci Carbone Property.

The campaign generated over 100 enquiries for her four-level Melbourne office building set adjacent to Brookfield Multiplex's new 39 level development.

Set between Queen and Elizabeth streets, the 312-square-metre block has airspace development potential.

It was expected to sell for more than $8 million having been bought for $4.4 million in 2009.

She is believed to be selling the prime CBD property to reinvest in another commercial property.