The site of the former TasTAFE at Lot 3/93 Paterson Street has been snapped up by prominent businessman and developer Errol Stewart.
The Paterson Street building, and the building at 10-16 Wellington Street, were listed for tender earlier this year as part of TasTAFE's relocation to Alanvale.
Mr Stewart put in a contract for both properties, and said he was successful for the building on Paterson Street.
"We signed a contract [on Tuesday] for the smaller building, on the south side closest to the city," Mr Stewart said.
"I hadn't been inside it or looked at it but Scott Curran from ARTAS and I thought we should put a price on it because it's a beautiful building."
Mr Stewart described the building as gorgeous.
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"It's an early 1900's school building with good bones," he said.
"It's like a building that I renovated in Albeura Street [in Hobart] - schools have good bones, big classrooms.
"They make really good spaces to renovate, and this building has beautiful ceilings that are quite gorgeous.
"The window lines are higher than you'd like for potential residential spaces but you can work with that."
Mr Stewart said that while he didn't have concrete development plans in place for the building, he was looking at converting it into residences.
"It's heritage listed so we have to be careful how we treat it," he said.
"It is close in the city, but the windows are double glazed so people won't notice the traffic too much.
"The originality of the buildings on the lot makes it more attractive. We can see real potential in it."
The Wellington Street building is also under contract with a different local buyer.
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