One of the most memorable work Xmas functions I have been involved in was going down the Yarra and into the bay on a yacht, with good food and drinks laid on. You get quite a unique perspective of the city and the bayside suburbs from the water. It is of course very dependent on the weather but we were very lucky in that regard as it was a very warm, still evening. That was about 50 people, which is probably max for a yacht. There are other larger boats but they might be restricted to the river.
Whatever you do you would want to get cracking with it because it's a bit late to be booking a Christmas function, although mid week during the day should be easier to get than an evening event.
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