Former Invercargill South School is set to get a new lease of life with plans to repurpose it into apartments.
Sydney based property investor M & Q Trading Ltd director Andrew Yu said he plans to encourage more development around the area.
Ground floor apartments will have their own private courtyards, while the second level apartments will have small balconies.
The two-storey building will be redeveloped into 15 self-contained two and three-bedroom apartments. There would also be off-street parking and storage facilities, Yu said.
The section that fronts the Ness and Crinan Streets corner will also be developed, depending on community need in the future.
The now-derelict school was closed along with many others in the city in 2004 by then Labour education minister Trevor Mallard.
The development is set to begin in early 2020, with an 18-month timeframe.