The headmaster of Launceston Church Grammar says the school had the next 100 years in mind when it decided to buy a 5000-square-metre block behind its junior campus in East Launceston.
The school has entered into a contract to buy the land, which includes former nurses quarters behind the QV Tower, an old tennis court and a significant portion of green space.
The deal is expected to go through in mid-2021 for an undisclosed fee described as "commercial in confidence" but in line with market valuations. The land will then be incorporated into Grammar's master planning process for the campus.
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Headmaster Richard Ford said the land would initially be developed as green space in an expanded grounds.
"We'll be seeking advice from local Launceston-based consultants as to the best use of the land, and how different parts of the land can be used into the future," he said.
"The acquisition of this land is a once in a hundred year opportunity for the school and something that we're thrilled is possible.
"To have additional green space and the opportunity for students to be able to have more room for recreational and outside learning I think is a wonderful thing for generations of students to come, as well as our current students."
Grammar has long had its eye on the parcel of land and decades ago it was an informal part of the Broadland campus when students would get through the back fence to explore.
The school senior executive and board have been in discussions with the owner since October.
One block of the old nurses' quarters is three storeys with significant floor space for the school to expand its footprint, should that be deemed appropriate and viable.
But Mr Ford said at this stage the school would only be seeking to develop the green space.
"The school's enrolments are currently strong and we're really comfortable with the size and shape of the school at the present time," he said.
"The space will future-proof the school for generations to come, as we celebrate our 175th, we're conscious of just how much the school has changed over time and we want to be able to make sure that the school is able to adapt and be agile into the future."
The purchase is likely to be the last made by Grammar for some time, with Mr Ford saying it was the final available portion adjoining the junior campus.