The former Newcastle East Public School site is set for a major redevelopment, with the addition of 27 luxury, boutique apartments.
The schoolhouse itself is also expected to be restored.
Sold by the state government last year, its owners are planning to lodge a development application this month.
Meanwhile, the government is preparing for the sale of the Newcastle court house, across the road.
Government Property CEO Brett Newman says a Conservation Management Plan is being prepared to protect the site’s heritage.
The new courthouse in Hunter Street is on track to be open in July.
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