Two private sector developments promising £370 million worth of investment in housing and the retail and leisure sectors demonstrate confidence in Guernsey's economy, says construction and development lawyer Claire Smith.

The developments – by the Channel Islands' Co-Operative Society at Leale's Yard and by Comprop at the Admiral Park site – were given the green light at an open planning meeting yesterday.

The Co-op development will see Leale's Yard transformed into a "vibrant and thriving community" with 410 new homes, 476 parking spaces, retail units and an open public area.

The Comprop development will see a six-screen cinema, hotel, new offices and a crèche built on the site, as well as 700 parking spaces.

Claire, a senior associate in on Ogier's property team in Guernsey, said that the investment for both schemes demonstrated confidence in Guernsey's future economic prospects and was a welcome sign from two long-standing local firms.

Ogier's property team is already the top ranked property team in Jersey, and the firm launched a Guernsey-dedicated property team led by partner Martyn Baudains last October. That five-strong property team includes Claire, who was recruited from leading international firm Eversheds, specialising in commercial property, planning, construction and employment.

Claire said: "We are seeing significant levels of activity in the property team, but these two schemes clearly demonstrate that major players in the Island economy are prepared to invest significant amounts in the Island economy.

"These kind of major, long-term projects that touch on different parts of the island economy don't just demonstrate confidence – they also provide work for the construction sector, new employment opportunities for islanders and growth opportunities for local firms."

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