Melbourne Laneway shop hits the market

Thursday 24 August 2017

 

The art deco Cyclone House in a Melbourne CBD laneway has been listed for sale for the first time in 45 years with price expectations above $5.5 million. The 402 square metre property at 17-19 Hardware Lane was built in 1930 and has been restored with modern additions including a lift and airconditioning. It 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.

The listing follows the sale of the Kozminsky building in Bourke Street recently to the Gianarelli family for $7.6m, as well as the $8.1m trade of Campari House.

Agents on the Cyclone House sale are Allard Shelton’s Patrick Barnes, Joseph Walton, Michael Ryan and James Gregson. Mr Gregson said the property offered flexible zoning and the potential for diversified income streams.

“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.” Mr Gregson said.

 The property will go to auction on September 20.

 

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