An art deco jewel, Cyclone House, in a Melbourne CBD laneway is set to go under the hammer with price expectations of more than $5.5 million. The property at 17-19 Hardware Lane is being offered to the market for the first time in 45 years. The auction is on September 20.
The 402 sqm three-level, art deco property was built in 1930 and has been restored with modern additions including a lift and air-conditioning. The property is being offered with vacant possession and includes retail frontage with two upper levels that could be used for office, residential or retail space, or for a tenant in the services industry, according to The Australian.
The listing agents are Patrick Barnes, Joseph Walton, Michael Ryan and James Gregson of Allard Shelton.
The zoning is flexible and there is potential for diversified income streams, according to Gregson. “There is simply not enough supply of A-grade commercial investments like this in Melbourne anymore to satisfy the influx of demand we are experiencing.” Gregson said.