It's another aspect of the planned $200 million overhaul of the long-standing Academy of Interactive Entertainment in Watson as founder John De Margheriti works to make it a world-first facility for the entertainment and creative industries.

It was announced on Thursday that AIE Institute Limited, a not-for-profit subsidiary of the Academy of Interactive Entertainment, had been approved by the Tertiary Education Quality and Standards Agency as a higher education provider to deliver the bachelor degree in game development.

The course will initially be delivered in Canberra and Sydney, from February 2023, and later in Melbourne and Adelaide, offering students the option to specialise in game programming, game design or game art.

The announcement comes as the Academy of Interactive Entertainment prepares on Friday to showcase its virtual production technology to government, defence and education representatives.

It will then welcome in the public to an open day on Saturday to show prospective students how they might pursue a career in game development, 3D animation, film or visual effects.

Mr De Margheriti said it meant the Academy of Interactive Education, which was founded 25 years ago in 1996 and had always offered vocational education, was now entering the higher education realm, through the AIE Institute.

"We were able to do it after a lot of years and a lot of effort," he said.

Mr De Margheriti said a development application would be submitted for the $200 million redevelopment of the Watson site within 18 months.

The ACT Government has agreed to sell the Watson site directly to the AIE at market value. Mr De Margheriti said the $200 million overhaul was being financed by private investors and would take 20 years to realise.

AIE has submitted a future intentions plan outlining its vision. That plan must be approved by the Territory prior to the sale of land being finalised. A more detailed plan will be submitted for the DA process.

The first stage is planned to be under construction by 2024 and includes an administration complex, on-campus student accommodation and student production hall. The next stage includes facilities such as an outdoor water tank for film production.

Chief Minister Andrew Barr said having the TEQSA accreditation would underpin the $200 million redevelopment and increase the level of offerings available to students.

"Having a local institution offering a high quality Bachelor of Game Development will provide more opportunities for Canberra's creative industries to grow, which is an ACT Government priority, and further reinforce Canberra's position as Australia's Knowledge Capital," Mr Barr said.

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AIE Institute's Academic Director, Professor Manolya Kavakli, played a key role in coordinating and developing the curriculum for the Bachelor of Game Development.

'We assembled a team of academic discipline experts and industry professionals to ensure we wrote the best course possible, and everyone is really pleased with the result," Professor Kavakli said.

"I'm confident that we've achieved a great balance between the academic and technical skills in the course. It's very engaging and will create opportunities for our students to become leaders of future industry development."

The Academy of Interactive Entertainment open day is 10am to 3pm on Saturday.

Registrations are required at aie.edu.au

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