Retail development to spur market growth

A recent surge in retail building approvals suggests the retail property market may finally be on the road to recovery.

Data from the Australian Bureau of Statistics shows non-residential building approvals in NSW climbed 45 per cent since September 2008.

And approvals look set to climb further still after some of Australia’s major companies pledged to invest $6 billion into retail developments in Australia.

The anticipated completion of the $860 million Westfield Sydney Central Plaza by Lend lease, and the $1.4 million Myer Melbourne redevelopment by Colonial First State Retail Property Trust are among the retail developments set to receive monetary support.

AMP Capital is also expected to inject $2.4 billion into its shopping centres over the next five years.