08 Jul 2014
T & G Building sold to Deakin University by Alison Aprhys reports.
Deakin University has bought the historic T&G Building on the corner of Moorabool and Ryrie streets to use as student accommodation.
It is understood the 80 year old property sold for about $2.8 million.
Deakin is committing $5.1 million to the purchase and renovation of the property, supported by Federal Government funding of $2.65 million through the National Rental Affordability Scheme and $850,000 from the State Government’s Geelong Advancement Fund.
Premier Denis Napthine said it was great news for Geelong.
“This student accommodation will provide affordable, appropriate, safe accommodation with all the facilities students need in the heart of this vibrant city” he said.
“This is a great day for Geelong and Victoria.”
Deakin Vice-Chancellor Professor Jane den Hollander said the move was another step towards Geelong’s evolution as a university town.
Prof den Hollander said construction was slated to commence in January next year ready for occupation by December next year. Geelong Mayor Darryn Lyons said Deakin University was to be applauded for its vision and for taking an active role in supporting central Geelong.
The property will accommodate 33 studio apartments, 11 on each floor. These apartments will be allocated to medical students and will feature kitchenettes and ensuite bathrooms. There will also be a rooftop common area with lounge, central laundry facilities and study areas. Comprising 1645 square metres of floor space, the building has been a city landmark since it was built for 37,000 pounds in 1934. It sold in 2000 at auction for $695,000. In 2000 the owners of the property were given a $10,000 grant by the City of Greater Geelong to renovate the famous Farmer and Son clock that chimes on the hour.
From the Geelong Advertiser, 8 July, 2014.