Victoria is the state that just keeps on giving to its music fans and its latest move will ensure that punters in the state will have new musicians to feast their ears on for generations to come.

The Melbourne Conservatorium of Music, first established in 1894, is moving from Parkville’s ancient Melba Hall to join the Victorian College of the Arts in Southbank at a new $105.5 million facility.

According to Fairfax, plans for the grand building include a 443-seat auditorium and a public square at 33 Sturt Street, with Victorian Premier Daniel Andrews promising the facility will be state of the art.

In a statement on Facebook, Premier Andrews lamented the fact that talented Melbourne-based musicians currently feel the need to move overseas to seek the superior educational facilities in Europe.

Acting premier James Merlino​ said the government is contributing a $3 million capital grant to the project and an extended lease for the site. Groups like the Myer Foundation and Ian Potter Foundation have also contributed.

They’re anticipating the development of the new Melbourne Conservatorium of Music will contribute $350 million to the state and create more than 2000 jobs during construction.