University of Tasmania students enrolled in theatre and performance interviewed past and present art school staff about their time in the building.

Set In Stone will be different in that audiences will be on foot and tour the Stone Building, being guided to various locations that the theatre students will bring to life.

Head of theatre and performance Dr Asher Warren said the performance not only captured stories about the Stone Building, but would help keep them alive.

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"The Stone Building is full of so many memories and experiences for students, staff and the public - and it is so important to commemorate them," he said.

Art school alumni, who were interviewed for information on the building, recalled the working foundry, the flood of 1926, the flood threat in 2016, and the legacy of teachers of the past.

"There has been a real investment and attachment to this building that we want to celebrate, but also note that many people feel a sense of loss - and it is important to recognise this as part of significant change," Dr Warren said.

The structure will be renovated with new purpose-built studios as part of the University's Inveresk campus transformation.

The building was originally part of the Launceston Railway Workshops before becoming home to the art school in 2002.

"Each student has taken a particular story and taken ownership of telling that story and then we, Jane Longhurst and I, have brought them together and connected those stories as a production," Dr Warren said.

Student, and actor in the performance, Hazel Butchart said Set In Stone had been an interesting experience.

"Yes it's sad we are losing the Stone Building as a building ... but that we are still going to get the essence of the building," Butchart said.

"[The production has] been a really unique experience, something I have never experienced before as a theatre student."

Butchart said one of her focuses was telling the story of a woman who worked at the Stone Building who had since died.

"She unfortunately passed away, so my piece is remembering her."

Set In Stone will be held on May 28 and 29 at 6pm and 8pm. To book visit trybooking.