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The bell was discovered in 2001 by former Logan Park High School technology teacher John Maquire, who attended an auction of property from the King Edward Technical College building.
Initially, he went there in search of metalwork equipment but instead found the large bronze bell, which was presented to King Edward Technical College in 1914 by its first president Alex Burt.
Upon hearing of the bell's existence, Logan Park High School principal Jane Johnson and deputy principal Roger Tobin went to the auction and bought it for $2500.
The college was Logan Park High School's founding school, and Ms Johnson said it was an important part of the schools' history.
''We thought we had really struck gold in a way - we thought it was a nice thing to have.
''I think it ties the history of the two schools together. We're very proud of our history.''
Mr Maquire designed a stand to display the bell, but a lack of funding to build it meant the bell remained in storage for a decade.
That was until recently, when funding left over from the King Edward Tech centenary was given to Logan Park High School to build the stand.
Construction began last month, Ms Johnson said.
''We've put it in a staff area, so that kids or outsiders can't come in the weekend and drive everyone mad by ringing the bell at 3 o'clock in the morning.
''It's a nice contained area and we can still use it if we need to, to gather attention.''
Once it is finished, we will have a launch ceremony to mark the centennial of the bell.
''I think it's lovely and we're very pleased to have it,'' she said.