2 June 2017: Education and property tycoon Shesh Ghale has acquired yet another historic site in the heart of Melbourne CBD.
Mr Ghale’s latest acquisition, at 2-8 Spencer Street, is currently rented by All Nations Backpackers Hostel and is one of the most recognised street corner of the Victorian capital. The art nouveau five-story building was built in 1913, over a century ago.
The 105th richest Australian with an eye for ageing property goldmines is also the owner of another heritage site, the 1926-built Argus Building where his MIT Group is currently headquartered.
The Nepal-born businessman told southasia.com.au that the current tenants will be at the address until mid-2020 following which his organisation intends to convert the property into a 3.5 to 4 star hotel with “150-200 keys”.
A 2015 report by Property Observer says the building has “a land area of 883 square metres with a 20.9 metre frontage to Spencer Street and 40.2 metres to Flinders Street” and with “a $951,517 per annum rental price”.
The art nouveau property was previously known as the Sir Charles Hotham Hotel and the Hotham Private Hotel but currently is home to a backpackers’ hostel.
The global president of Non-Resident Nepali Association (NRNA) reportedly paid some $30 million for the property but southasia.com.au could not have the figure verified.
Since April 2015, Mr Ghale and his better-half Jamuna Gurung Ghale have spent more time tenting near the ground zero of Nepal earthquake than they have at their Melbourne home. Mr Ghale’s second term as the NRNA boss ends in October this year before which he expects to leave a well-progressed Laprak Model Village project.
The ongoing Laprak project is the worldwide Nepalese communities’ common expression of love for their country of origin as they seek to build at least 573 homes for victims of the 7.8 magnitude temblor.
Mr Ghale had bought the Argus Building from La Trobe University in 2010 for $15 million but put in lot more to refurbish the historic site before his students moved in 2014.
BRW Rich 200 List this year put Mr and Mrs Ghales’ net worth at $647 million, $61 million more than 2016.