PROMINENT property investor Michael Buxton has sold one of the city’s biggest student accommodation development sites for $18 million.
 
The 410 Elizabeth Street office building, which Mr Buxton bought off the Royal Melbourne Institute of Technology five years ago for $8.25 million before obtaining a redevelopment permit, is expected to make way for a 50-level, 240-unit tower.
 
According to council reports, the new tower is expected to be delivered over the next three to five years.

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