Massey University is selling one of its two Palmerston North campuses.
It says the Hokowhitu campus, which is the site of the former Palmerston North College of Education, is surplus to requirements.
The university says the 10 hectare campus has a rateable value of $43 million.
It became part of Massey when the Teachers College and the university merged in 1996.
Since then, teaching has been transferred to the university's main campus and now the university says it no longer needs it.
It said it would reinvest profit from the sale in its infrastructure.
Bayleys Real Estate is handling the sale by tender and says leases on the campus buildings are worth about $1.8 million a year.