Melbourne's Art Deco treasure 'Cyclone House' sold last week for the "competitive" price of $6.71 million. It was the first time in 50 years the property had gone to market, and the buyer was a Chinese investor.
'Cyclone House', at 17-19 Hardware Lane, was auctioned by Allard Shelton director Joseph Walton. The auction drew a crowd of more than 120 people, and five competitive bidders. Bids opened at $5.2 million, with the eventual buyer the first and last to bid.
“Our vendors are extremely pleased with the result," said Walton, adding that the high price achieved for 'Cyclone House' demonstrates the strong appetite for A-grade commercial investments in Melbourne, both from within Australia and from offshore.
The Hardware Lane property has been owned by the same family since 1972 and recently underwent a $1 million internal refurbishment. Outside, the property was carefully restored, retaining its original features.
“The point of difference with this property is that it is primely positioned in the lane, is freehold, and has the potential for diversified income and a multitude of investment options," said Allard Shelton director, Michael Ryan, adding that these were "all the elements of a good investment".