The three-level building, home to Les Bubbles restaurant and bar on 144 Wickham Street, which brings in about $90,000 a year in rent, was placed on the market last month.

The auction marketed by Brad Merkur and Simon Robertson of Ray White Commercial Gold Coast, was sold on Friday and saw nine bidders, including three phone bidders.

Mr Merkur, who has more than 15 years experience in the business, said the auction was one of the best he had ever been to throughout his career.

"We fielded over 50 inquiries among a lot of bidders who showed real interest when it went up for sale," he said.

"The auction can only be described as a bidding frenzy, it was competitive right from the start.

"It was pretty exciting to see the end result."

He said the bids began with an offer of $800,000 before about 50 bids were made until the property was sold to a Sunshine Coast investor.

Mr Merkur said $1.63 million resulted in a return investment of 5.6 per cent.

"The auction surpassed our expectations and the reserve was well above what we were hoping for," he said.

"What intrigued some of these bidders was the prime location and long lease on the property."

Simon Robertson said the property was a high profile opportunity for investors.

"The current owners have had the property since 1985 and the property is heritage listed," he said.

Bubbles Bar & Bistro, the company behind the Fortitude Valley steakhouse and bar, opened the venue's doors in 2015.

"The fitout is pretty unique, there's a ground floor fitout with memorabilia and photographs on show."

The Les Bubbles eatery came alive thanks to Queensland hospitality mogul owner Damian Griffith until his restaurant was forced into administration earlier this year.

The infamous venue was first brought into the spotlight following the Fitzgerald Inquiry into police corruption, involving illegal gambling and prostitution in the 1980s.

The inquiry, led by barrister Tony Fitzgerald, resulted in high-profile officers and politicians facing charges, including former police commissioner Terry Lewis and ex-premier Sir Joh Bjelke-Petersen's following his 19-year reign.

Sir Joh was charged with perjury over his evidence to the Commission of Inquiry into Possible Illegal Activities and Association Police Misconduct.