The NSW Indigenous Chamber of Commerce has been handed the keys to the legendary Black Theatre on Gadigal Land (Redfern).

The theatre was an Aboriginal-run company established in 1972 in response to the emerging land rights movement.

Its original digs were Regent Street in Redfern, but it moved to Cope Street, next door to Radio Redfern.

The theatre wound up in 1977 due to a lack of government funding.

Despite its closure, the theatre laid the foundation for a wellspring of creative expression within Sydney's Aboriginal community and helped spurn organisations like Bangarra Dance Theatre and Moogahlin Performing Arts.

The Indigenous Land and Sea Corporation (ILSC) purchased the theatre site from the Aboriginal and Torres Strait Islander Commission in 2005, to engage the local Indigenous community in its future use.

After extensive consultation, the ILSC spent $7.5 million sprucing up the theatre, to support Indigenous enterprises.

ISLC chief executive said it was fitting the Black Theatre site would be the base for the NSW Indigenous Chamber of Commerce (NSWICC) given one of its main goals was to empower Indigenous businesses and foster economic growth.

"Today's divestment to the NSWICC is a momentous occasion that honours the rich cultural history of the Black Theatre while ensuring it serves the needs of the community moving forward," he said.

"By partnering with an organisation committed to Indigenous business development, we are laying the groundwork for a thriving hub that not only celebrates Aboriginal culture but also drives economic opportunities for Indigenous peoples."

The NSWICC was established almost twenty years ago by proud Gamilaroi woman Deborah Barwick as the first state peak body for First Nations entrepreneurs, business owners, and enterprising community organisations.

Ms Barwick, the current chief executive of the NSWICC, established the first Aboriginal chamber in Australia – the Mandurah Hunter Business Chamber in 2006.

"Today, the Chamber supports over 500 majority Indigenous-owned and controlled enterprises employing thousands of people," Ms Barwick said.

"The Djiyagiyulang-gal Enterprise Hub, (Djiyagiyulang-gal is a Dharug term meaning special place for important discussions), will add tremendous value to the NSWICC's independent work over many years building the capability and capacity of Indigenous businesses to be competitive suppliers in government, industry and domestic supply chains.

"The hub serves as a unique centre for mentorship, education and support for Indigenous entrepreneurs and acts as a place to showcase and celebrate Indigenous business excellence." Since relocating to the site, the NSWICC has already made significant strides in enhancing its services and visibility, increasing engagement with government and industry partners.

The NSWICC is committed to ensuring the Black Theatre site remains where Indigenous voices and businesses can thrive.