Glorious Sun, which owns the Jeanswest, Quiksilver and Roxy clothing brands, bought the 12-storey building at 231-235 Swanston Street on a tight 3.5 per cent yield.

CBRE agent Josh Rutman, who negotiated the deal with Mark Wizel and Ed Wright, said Glorious Sun is planning to hold the building as a passive investment.

The move signals a slight shift from the usual interest in development sites shown by Asian investors.

CBRE head of research Stephen McNabb said it's all part of a trend towards greater investment in the Australian market from Asia, and China in particular.

"What we are seeing is a change in the mix. Historically, foreign investors have been from Europe and the US but what we have seen in the past 18 months is a significant increase in capital coming out of China. It more than doubled last year and it's running at the same pace this year," Mr McNabb said.

CBRE research shows that Australian property attracted 12 per cent of Asian capital in 2003 and will be the target of an extra $US75 billion ($78.5 billion) in coming years as Asian life insurers, led by China and Taiwan, look for assets.

Australia attracted 5 per cent of global investment in property in 2013 with investors attracted by stable economic conditions and higher yields and interest rates than other regions.

Glorious Sun made its first investment in Melbourne in mid-2009 when it bought the Australian Tax Office building in Box Hill from ING Office Fund for $43.8 million.

Its most recent purchase was the most significant sale in the retail core since the $17 million purchase of the Bradman building on the corner of the Bourke Street Mall and Swanston Street in 2010 on a 4.78 per cent yield.

"We were blown away by the local market's pricing of the asset which set a very strong benchmark," Mr Rutman said.

The vendors, who are engaged in legal action, were selling under instructions from the Supreme Court of Victoria and were represented by law firm Maddocks.