More than £4m has been spent on repairs to the site in the past four years
The buildings that house Guernsey's Ladies College will be leased to the school by the States.
The 25-year lease will mean the college will be responsible for all repairs, insurance and major works.
The buildings, some of which are more than 40 years old, need major repairs and refurbishment work.
Previous work has been paid for by both the States and the college. The lease aims to clarify the arrangements before about £8m of work is carried out.
The work involves upgrading the huts on the site that are used as classrooms.
The college will be charged a peppercorn rent for the lease, which includes a possible renewal for a further 25 years.
The school, which was founded in 1872, is one of the island's three grant-aided private secondary schools.
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