A $1.4 billion makeover of Sydney’s oldest university is set to finally go ahead after the state government gave approval to a concept proposal which will cater for significant growth at its Camperdown and Darlington campuses.

Announcing approval for the plan on February 27, state Planning Minister Pru Goward said the Campus Improvement Program would generate almost $1.4 billion work of investment and would help cement Sydney as a city of choice for study on an international stage.

“The University of Sydney is part of our $15 billion education sector, and is world renowned for its quality education standards,” Goward said in a statement, adding that the plans would generate up to 15,000 jobs during construction and 400 full-time permanent positions afterward.

“Our universities in NSW are in high demand, both domestically and from around the globe. It is critical that our exceptional education facilities can grow to cater for that demand.”

Submitted in January last year, the proposal sets out a seven year program for the delivery of new development, access, public domain and infrastructure works to support the strategic direction of the University and delivery of its programs, with new facilities expected to be delivered over this time including lecture theatres, classrooms and laboratories, as well as administration facilities, student accommodation, car parking and public open space over the next decade.

According to The Australian, the plan will also see around eight or so buildings demolished and replaced.

University of Sydney Vice-Chancellor and Principal, Dr Michael Spence said the approval will pave the way for substantial growth and improvement of the University.

“This plan maintains our heritage by ensuring buildings are protected and preserved, significantly increases affordable housing places for students, and addresses environmental sustainability through building height restrictions and a campus greening project,” Spence said.

Founded in 1850, the University of Sydney is Australia’s oldest university.

Its makeover comes as nearby University of Sydney has poured $1 billion into new buildings including a high profile business school designed by renowned architect Frank Gehry.

Over the past few years about $2.5bn has been spent on new university buildings, with another $3.8bn planned for the future, including $1.8bn at Macquarie University in the city’s northern suburbs.