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A police spokeswoman said a neighbour called them about the dress-up party about 1.40pm, saying it had been going on all day and students from the party were urinating on their property.
There were about 300 students at the party and the decision was made to shut it down about 2pm.
Heavily intoxicated party-goers were climbing on neighbouring property roofs, and urinating and vomiting on the street and on private property.
Business owners were guarding their properties from party goers.
Police were still shutting the party down about 2.50pm.