Melbourne's Art Deco Cyclone House sold for $6.71 million

A Chinese investor has snapped up Melbourne's Cyclone House on Hardware Lane for $6.71 million.

The sale, auction by Allard Shelton Director Joseph Walton, attracted a crowed of over 120 people.

It was the first time in nearly half a century the 400 sqm, three-level property was offered to the market. It was listed with $5.5 million hopes late last month.

Held by the same family since 1972, the property underwent an extensive renovation and lavish fitout.

The vendors $6.05 million reserve price was bettered after the bidding opened at $5.2 million, with five competitive bidders.

The buyer was the first and last to bid.

Walton said they are pleased with the response to the campaign.

“The result has again drawn attention to the market’s strong appetite for A-grade investments in Melbourne, both locally and off-shore," he said.