A community-based group has bought the former Holy Angels convent and school in Sydney in the hopes of saving one of Cape Breton’s most historic buildings.

The plan is to turn the 75,000 square-foot property, which served as a convent and an all-girls school for more than a century, into an arts and cultural centre.

“This is a very joyous day for us,” says Sister Donna Egan. “Words are inadequate to describe the feelings that this place will continue to help people.”

With festive fiddle music setting the mood, people packed into the Holy Angels Convent for Friday’s announcement.

Sydney residents hope the move will turn the site into a one-stop shop for music and theatre.

“They’ll come here to work. They’ll come here to be entertained. They’ll come here to practice,” says Rankin MacSween, president of New Dawn Enterprises. “They’ll come here to collaborate and maybe some will come here to live.”

The building’s ample indoor space will also be leased to community organizations and dorm rooms may be rented out as seniors apartments.

Proponents of downtown heritage say it was crucial that Holy Angels be preserved.

“This site will contribute to the vibrant streetscape that we need downtown,” says Tom Urbaniak of the Sydney Architectural Conservation Society. “We’ve lost so much of that vibrant streetscape but by holding onto this, we have an anchor.”

In an area already known worldwide for its musical and performing talent, it’s hoped having a new place to hone it will only further encourage future generations.

“I see this building as being the hub of where people will come to learn about the arts, but also to participate with each other,” says Joella Foulds of the Celtic Colours International Festival.

The transformation could take years, but residents hope it will carry on the sisters’ legacy.

With files from CTV Atlantic's Randy MacDonald