It aims to transform the 5-acre former College Hall site in Knighton, which has not been used since 2005, into a 117-en-suite bedroom conference facility, dining facilities and 150-seat lecture theatre.
Plans for the new conference venue have been designed by the design teams from Associated Architects, Giffords and Couch Perry Wilkes.
The University plans to spend more than £200m over the next few years funded by loans and reserves allocated for capital development.
Expansion plans include a £30m medical teaching building and a £12.6m cardiovascular research centre.