Patients with these conditions currently represent the largest outpatient group in the hospital, making up 25,000 patient visits each year.
The £25m new Sight and Sound Centre project will be constructed within a grade II listed building .
It will include specialist facilities for outpatients, soundproofed booths for hearing tests, an eye imaging suite, as well as a garden designed with all senses in mind, allowing children to see touch and smell the plants.
Construction is due to start in the Autumn and is expected to be completed in 18 months with the centre due to open in 2020.
The cost of the building is being met through charitable donations, with a £10m pledge made from Premier Inn and Restaurants.
Cliff Thomas, managing director for Kier Construction London, said: “We have extensive experience in the healthcare sector, having built over £2bn worth of medical facilities in the past 13 years and we are looking forward to delivering the UK’s first medical centre for children with hearing and sight loss.”