The Property Council of Australia (Illawarra) has called on owners of shops, offices and other commercial spaces to ride a near $1 billion wave of investment in central Wollongong by sprucing up their own assets.

The push is part of a ‘‘pride campaign’’ by the the Property Council to highlight the trickle-down opportunities resulting from GPT’s Wollongong Central expansion, which opens on Thursday.

The council credits the $200million development with boosting local confidence  and kicking off a   residential boom.

It projects Wollongong’s CBD population will swell by 75per cent – to 5127 – by 2017, as the new apartments are occupied.

With this would come new demand for places to eat and socialise, and opportunities for property owners who hadn’t previously seen the worth in investing in the upkeep of their commercial space, Property Council board member Geoff Jones said. 

‘‘GPT provided an amenity that has inspired other people to be part of an upgrade or development process – you come back in two years’ time, you’ll see an entirely different city,’’ he said. 

‘‘It’s provided the opportunity for some of those retailers to spiral back upwards, attracting better tenants with longer leases and higher rents.’’ 

The Property Council’s board has identified 20 owners of commercial property in Keira Street, Crown Street and elsewhere in the CBD it will approach and make the case for investment.

Its members will highlight details of Wollongong City Council’s Facade Rejuvenation Program, which offers grants of up to $20,000 to eligible city property owners who invest in their shopfronts.

The Property Council has created a map showing the extent of new  development in the city and has compiled facts on the ‘‘ripple effect’’ on population, employment and investor confidence.

Mr Jones said the positioning of the GPT expansion, on the western side of Keira Street, was particularly significant for owners of surrounding businesses.

‘‘That’s going to drag retail spending to that side,’’ he said. 

‘‘I think there’s an opportunity, particularly in the western end of Crown Street, for some of those owners to jump on board.’’

Minister for the Illawarra John Ajaka will launch the Property Council’s campaign, called Wollongong City on the Move, at the Regent Theatre Thursday.