Michael Coppel sells corner city building
A partnership including music promoter Michael Coppel has sold a B-grade corner office for c$35 million – the upper end of its guide – to another, backed by Malaysian born local investor Jimmy Goh.
The result for 333 Queen Street values the land on the north west corner of La Trobe, with significant development upside, at $34,047 per square metre.
With 28 basement car parks and 5995 sqm over seven levels, it is 15 per cent vacant.
Assuming it was fully occupied and rented at market levels, the yield is over 5.7pc.
JLL’s Josh Rutman, Tim Carr and Nick Peden with Kelemen Commercial’s Rudy Kelemen represented the vendors, which paid $10.2m in 2001.
333 Queen Street
The result for 333 Queen St reflects a 4.62pc passing yield; the Victorian Law Reform Commission is amongst the nine occupiers.
Four of the eight offers were from Asia-based investors, the agents said (story continues below).
Two more were local Asian buyers.
Mr Goh is acquiring it via a company, Shuka Land Pty Ltd, backed by another investor.
Amongst Mr Goh’s other city assets is the Brutalist Total House car park at 170-180 Russell Street.
The executive was in 2019 also believed to be an underbidder for a Hawthorn East office that sold to Sydney based NRL Roosters chairman Nick Politis.
Ten years ago Mr Goh sold a collection of neighbouring low rise city buildings, one, at 228 La Trobe which UEM Sunrise developed as Aurora Melbourne Central which at 271 metres, or 92 storeys, is the CBD’s tallest residential tower.
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