LA 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.

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