The convent is located in the ancient capital of the island, Villa de Teguise, and it was founded at the beginning of the 18th Century over a church that was previously there since the 17th Century, it was the convent church of Santo Domingo. Back then, the conventual area extended towards the left, which nowadays is the Town Hall, still showing some primitive traces. On the inside, the altarpiece of the original temple remains, dedicated to our Lady of Grace.

Currently, the church has become a space to hold cultural activities, especially as exhibitions hall, and concerts during the Festival.

This building is one of the main indicators that has made it possible to name the Royal, Noble and Majestic Villa de Teguise, a Historic Group.