Property shorts: Shops best investment

Shops have been the best property investment lately, according to the latest Property Council survey.

In the 12 months to June 30, retail property returned 14.83 per cent and bulk retail stores 13.07 per cent.

The council's research manager, Nicole Humphries, said the CBD office market had also shown strong income returns, ranging from 8.11 per cent for Auckland to 10.40 per cent for Wellington.

"Compare these returns to a five-year term deposit with a major trading bank at a maximum of 7.2 per cent," she said.

Surgery opens

A new medical centre, aimed at inner-city apartment dwellers, opens alongside the Quay West building in Auckland today.

CityMed in Albert St will have six doctors and will be open 10 hours a day "to accommodate time-conscious city dwellers and workers," said one of the doctors, Gerald Young.

CityMed will also offer radiology, physiotherapy, pharmacy and laboratory services, and includes two theatres for minor surgery.

Westfield busy

Westfield Trust and a pension fund, New South Wales State Super, are buying a major Sydney shopping centre from BT Property Trust for $A236 million.

Westfield Trust is Australia's largest property investor and is buying Mount Druitt Marketown, 43km west of Sydney. The mall has 67,900 sq m of retail space and an annual retail turnover of $A250 million, Westfield said.

Airport land

A parcel of land near Auckland Airport is for sale.

The block, zoned for business, has access off Westney Rd.

It has been farmed by the George Cox Family Partnership for nearly 90 years, said Chris Bayley, of Bayleys Realty.

Tenders close on November 9.