The venue will house a new conference and entertainment auditorium, which will accommodate up to 12,000 conference delegates with a fixed seating capacity of 6,000.
In 2010, BE Sydney secured 74 business events, which will deliver 217,960 delegate days to generate $204m (£129m) of economic value in the future.
BE Sydney chief executive Jon Hutchison said: "Besides direct tourism receipts, business events play a key role in the state’s economic success by bringing influential thought leaders to Sydney to discuss and share ideas. This stimulates knowledge expansion and is the perfect platform to showcase the state’s strengths and attractiveness in the respective fields."
Based on the International Congress and Convention Association (ICCA) 2009 rankings, Sydney currently enjoys the lion’s share (36%) of meetings held in Australia.