Former Toll Holdings boss Paul Little and ex-investment banker Jane Hansen have gifted $30 million to the University of Melbourne to develop student accommodation that will in turn provide an income stream to fund scholarships for students.
The substantial donation will be used to fund a new "philanthropic" model of student accommodation – where at least $2 million of returns from the hall will be used to fund the scholarship program.
The 13-level student accommodation project, named Little Hall, will cost $100 million and house 669 students in a state-of-the-art facility.
The site is currently occupied by the University offices on the corner of Swanston Street and Lincoln Square South, spanning two buildings including Lincoln House and the former International Tobacco Co. factory.
Both heritage facades will be retained and restored as part of the Hayball-designed redevelopment.
Related reading: DowDuPont Chief Makes $13.5m Donation to Build UQ Research Facility
Little Projects has been appointed by the University of Melbourne to deliver the landmark student Hall of Residences on campus.
The rich list developer and his wife have donated the initial equity of $30 million with the project expected to cost $100 million.
“Little Hall will be an exciting addition to Melbourne, a unique and outstanding architectural statement that establishes a new benchmark for student living in a distinctive academic and intellectually rich environment,” Paul Little said.
The Hansen Scholarship Program will commence in 2020 with an inaugural intake of 20 students receiving free accommodation at Little Hall and support with living expenses.
In 2015 the Hansen Little Foundation donated $10 million to the university's history department and in 2017, they pledged $3.5 million to help upgrade Victoria's State Library.
A builder is expected to be appointed and commence by October 2018, with construction projected to be completed in 2020.