THE NSW Land & Environment Court has rejected a major development application near the Canberra Airport, which may have helped solve some of the affordability issues of the city.

The 4685-block, 130-hectare Tralee proposal has been fought since 2002 by developer Village Building Corporation, and the Canberra Airport, which has argued residents would be exposed to aircraft noise and complain, if the development went ahead.

CANBERRA's near new Australian Maritime Safety Authority building has sold for $44 million to an undisclosed private investor.

The 82 Northbourne Avenue office, which was completed last July, sold on a yield of 7 per cent.

The building measures seven levels and was sold with a 15-year lease to the government, paying a high $430 per square metre (high compared to similar quality offices in Sydney and Melbourne).

THE Westpac Office Trust has made a huge loss on a Canberra office building it bought in late 2006.

The 221 - 227 Anzac Parade office in Kensington sold for $35.5 million reflecting a yield of 7.6 per cent based on the building's annual income.

Westpac paid $41 million for the building on a 6 per cent yield a little under three years ago.

Orchard Funds Management has offloaded another CBD property, this time in Canberra.

The fund manager is making $18.5 million from the sale of an A-grade, 3,412 square metre office in Allara Street. The five Green Star rated building sold on a yield of 8 per cent.