Eastwood Infant School in Devonshire Drive is to be transformed into apartments and bungalows.
The property has been bought by Swallow Hill Homes, who want to knock down the recent extensions on the building and bring it back to how it looked in 1910.
In a project estimated to cost over £2m, the main building will become 20 apartments for the over 55s, the nursery will become a bungalow, and a further four dormer bungalows will be built with reclaimed bricks to fit in with the development.
Swallow Hill Homes director Rob Bailey said he felt the location was perfect to accommodate the older people of Eastwood.
“We live in an aging society and I think it will fit the demand of the local population. There’s a doctors surgery next door and it’s right in the middle of town next to the high street.
“When people get older they don’t want the expense of a car. They want to be near the middle of town, close to friends and be able walk to the shops.”
Mr Bailey said the apartments will be built with pensioners in mind.
“There will be walk-in showers in the bathrooms, alarms fitted and scooter bays outside,” he said.
The developer said he had a particular passion for converting old buildings, and had just re-developed Codnor Miners’ Welfare.
“It’s nice to live somewhere special,” he said.
“People who buy the Devonshire Drive properties may have gone to school there years ago.”
There will be car parking paces at the site.
The school building was put up for sale by Nottinghamshire County Council three years ago and was bought by Swallow Hill Homes, based in Bramcote, last month.