Hardware Lane’s Cyclone House sells for $6.71

Friday 22 September 2017


A historic city building held by the same family for a generation in Melbourne's busy Hardware Lane has sold to a Chinese investor for $6.71 million.

Cyclone House, a three-storey office at 17-19 Hardware Lane, sold at auction after bidding from five buyers, following an opening bid of $5.2 million. The vendors purchased the property for $86,000 in 1970.

"The result has again drawn attention to the market's strong appetite for A-grade investments in Melbourne, both locally and offshore." Allard Shelton director Joseph Walton said.

The property sold with vacant possession after its former tenant, Careers Australia, went into voluntary liquidation in May. Before it went under, Careers Australia undertook an internal renovation and lavish million-dollar fitout on the building.

The transaction follows another city deal which saw a two-storey shop at 268 Russell Street sell for $3.5 million.

The price reflected a rate of $21,875 a square metre on the building's gross leasing area, Ross Mercorillo, managing director of CRS Property, said.



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