The University of Tasmania has accepted an offer for the sale of the current home of the Conservatorium of Music.
Fragrance Tas-Hobart (Sandy Bay) Pty Ltd signed the contract to purchase the Hobart site.
University chief operating officer David Clerk said the sale was part of the delivery of the new cultural and performing arts complex at The Hedberg.
The $96 million project is being realised in partnership with state government and the Theatre Royal.
The Conservatorium will lease back its current home from the purchaser for the next three years, until The Hedberg is complete.