Michael Coppel to Sell Office at Prominent Melbourne CBD Corner

MUSIC promoter Michael Coppel is offloading a low-rise office building with redevelopment potential at one of the CBD’s busiest intersections.

Mr Coppel can expect to make about $12.5 million, sources say, from the sale of 389 – 391 Swanston Street, at the north-west corner of La Trobe Street.

The site is almost encapsulated by the Royal Melbourne Institute of Technology – a possible buyer – and opposite Melbourne Central and the State Library of Victoria.

Hungry Jacks leases the ground floor of the three-level, 1355 square metre building, which returns a total annual rent of $610,987.

CBRE’s Mark Wizel and Sebastian Drapac, and Mulcahy & Co’s Chris Mulcahy are marketing the site for Mr Coppel who is reweighting his portfolio.

Entertainers Mr Coppel has bought to Australia include U2, Pearl Jam, the Red Hot Chilli Peppers and Pussy Cat Dolls.

Mr Coppel is also representing Metallica, which is touring later this year.

The last prominent “retail corner” sale in the CBD was in November, when a private investor paid $20 million for the ground floor shop of 227 Collins Street, on the south-west corner of Swanston Street.