Hard job, shopping for shops
Monday 27 September 2004
Soaring retail spending has pushed up the demand for retail properties, making it difficult for real estate investors to find enough properties to fill their portfolios.
By The LandlordAccording to Statistics New Zealand, shoppers spent $53 billion in the year to June compared with $39 billion in 1999, a $14 billion increase.
Despite predictions of a slow-down in spending, total retail sales for July 2004 were $4.56 billion or 7.9 per cent higher than July last year.
According to the latest Property Council investment performance figures, small shopping centres, small bulk retail outlets and strip retail show returns of up to 17.7 per cent in the past year.
Larger shopping centres are also showing healthy returns rising from 10.57 per cent to 17.58 per cent in the past year
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