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.
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