Agents Bond Wolfe and Sanderson Weatherall have been instructed by receivers to sell the Grade II-listed freehold property at 80 Broad Street.
The 13,277 sq ft, three-storey property was originally the Royal Orthopaedic Hospital and later Zara's nightclub.
Gurpreet Bassi, chief executive of Bond Wolfe, said: “Zara’s nightclub closed over two years ago, and the building is a well-known and recognised property in a very popular location.
“As the hospitality sector continues to pick up, we are anticipating strong interest both from leisure operators and those with an eye to the potential of this outstanding location.
“The chance to purchase a freehold property in a location such as this in Birmingham occurs only infrequently, hence the strong investor demand we are experiencing.
“Whether the future purchaser has in mind a new venture in the hospitality sector, or has other plans, subject to planning permission, it will be good for the city to see this historic building brought back into commission.”
Tim Simmons, partner at Sanderson Weatherall, said: “This is a beautiful and historic building located on one of the prime leisure circuits in the city.
“The success of the UK vaccination programme has enabled the hospitality and leisure sector to reopen and people are flocking back to their favourite areas and nightspots.
“This is a major investment opportunity, and we are already receiving significant interest from local, regional and national operators and investors.”
Birmingham’s 'Golden Mile' of Broad Street, Brindleyplace and the surrounding areas, is one of the biggest entertainment zones outside of London, serving tens of thousands of customers every day.
Formally known as the Westside Business Improvement District, it is the city’s central hub for entertainment and business, with 15,000 people employed in over 300 businesses throughout the area, including offices, hotels, pubs, clubs, restaurants and leisure venues.