Music promoter lists underutilised CBD office

The corner site has significant development upside.

A Melbourne CBD office co-owned by concert promoter Michael Coppel has hit the market with $30-$35 million price hopes.

The seven level office contains 5995 square metres.

The seven storey, 5995 square metre building with 23 basement car parks is expected to sell for $30-$35 million, a significant rise on the ($10.2m) price the vendors paid in 2001.

Michael and Michelle Coppel banked $30 million from a Toorak mansion in 2021.

On 1028 sqm at 333 Queen Street, on the north west corner of La Trobe, the asset is being marketed for its significant development upside, able to accommodate a skyscraper.

Commercial or residential, including build to rent, could be considered given the zoning.

Alternatively, the existing improvement, completed in 1986, modern but rated B-grade, could be repositioned, with JLL agents Nick Peden, Josh Rutman and Tim Carr citing the potential for massive rental reversion.

A buyer might want to retain it as a passive investment too; it is presently 85 per cent occupied to nine tenants.

The potential net annual rent in its current condition is $1.98m.

“333 Queen St provides solid fundamentals for developers, value-add investors, owner occupiers and land bankers given the incredible Melbourne CBD location, valuable corner landholding and the high quality office building with solid income,” Mr Peden said (story continues below).

“We have seen consistent evidence across the country that tenants are prepared to pay a premium for more energy efficient buildings with greater tenant amenity, which has made the financial equation for repositioning older stock more viable in 2023,” according to the executive.

Booming area

Elsewhere in the area, the City of Melbourne last week appointed Lendlease to deliver a $1.7 billion residential based mixed use redevelopment with three skyscrapers and a park, on and around the Queen Victoria Market car park.

“Sitting on the doorstep of the largest urban renewal project ever undertaken by the City of Melbourne, there will be no end of benefit for the future of 333 Queen St, whether they choose to retain the existing building and access considerable rental reversion or redevelop the site to capture the height potential of the landholding,” Mr Rutman said.

The listing comes two years since Mr Coppel sold his Toorak mansion, on 3066 sqm in Hopetoun Road, for $30m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of