The university took ownership of LivingSpace hotel, which had a rateable value of $6 million, late last month and has long-term plans to convert it into student accommodation.
The university has also said the building could be used to house staff forced out of other buildings during earthquake-strengthening or other work.
The $6.75 million price tag for the former hotel was revealed in a report tabled at yesterday's finance and budget committee meeting.
The university was unable to give the figure earlier because of a confidentiality agreement it signed with the receivers for Castle Street Ventures Ltd, which sold the building.
Asked if $6.75 million was a fair price, property services director Barry MacKay replied in statement: ''The purchase price of the LivingSpace building was supported by valuation from a registered valuer.''
It was still ''too early'' to comment on rumours the building was going to be used to re-house staff from the arts building when earthquake-strengthening was carried out, he said yesterday.
''We do not wish to comment on this until after we brief our staff at the next Staff Seismic Forum, which is currently being planned,'' Mr MacKay said in reply to a question asked about the building last week.
The university is part way through a $50 million earthquake-strengthening programme, to be completed by 2019. So far, seven buildings, including its property services and arts building, have been found to be earthquake-prone.
