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La Trobe University Sells Argus Building For $15 Million

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Written by Marc Pallisco   
Thursday, 25 March 2010 07:56

Argus buildingLA Trobe University has offloaded its asbestos-riddelled Argus newspaper building for $15 million, after spending $34 million trying to get a project off the ground.

Education entrepreneur Shesh Gale, owner of the Melbourne Institute of Technology operation which targets international and domestic students, plans to redevelop the 84-year old building into a teaching facility.

The Australian reports Mr Ghale will spend about $50 million on the renovation, which should be completed by the end of 2011.

It’s expected Mr Ghale will sell a Lonsdale Street office which currently houses MIT students. The education focussed property developer is also building an $80 million facility in William Street which also includes student accommodation, The Australian reports.

The building was the scene of a dispute between vendor La Trobe University, and the private developer the school bought the building off, after it was discovered “larger-than-expected” amounts of asbestos.

La Trobe University was reported as paying $8 million in 2004 for the 6-level office building, home to the Argus newspaper until it closed in 1957.