Liminal Architecture will be the principal consultants on the project and partner with internationally-renowned Singaporean architects WOHA and Arup Acoustics and Theatre.

University vice-chancellor Professor Peter Rathjen said the contemporary landmark development, which would sit next to the historic Theatre Royal in Hobart, aspires to promote the capital and Tasmania as important in the creative industries.

"The building will be equipped with state-of-the-art acoustic, visualisation and computing technologies as well as flexible laboratories, rehearsal and performance spaces, a creative technology studio, recital hall and black-box theatre space," Professor Rathjen said.

He said partnering with international firms to design the academy would give global exposure as well as strengthen ties with Asia-Pacific neighbours.

Head of the Tasmanian College of the Arts Professor Marie Sierra said the academy would enable the university to establish a research and education crucible for the creative industries in Tasmania.

Programs and courses that would be run at the new academy include performing arts, new media, design, events management and digital technologies, with the use of the National Broadband Network and Australia's Academic and Research Network.

Premier Lara Giddings congratulated Liminal Architecture, which she said had a strong reputation for creating inspiring spaces through design that also engages the community.