This article is from the Australian Property Journal archive
CENTRAL Element has secured planning approval for an additional sixth level at its $180 million Pienza Neutral Bay, two years after it got the green light for the original proposal for the luxury residential and retail development.
North Sydney Council’s approval will mean a further seven apartments will become available at the project, and are set to be released next year.
Located at 12-14 Waters Road on the north eastern corner of Neutral Bay village, the mixed-use development will now feature 37 north-facing apartments with communal rooftop leisure space, landscaped gardens, pool and yoga deck, along with five retail spaces located on the ground floor and below ground.
Sales for Pienza have been strong since launching to market last year, achieving record-breaking prices for the suburb, including a $7 million three-bedroom sale.
One-bedroom apartments are sold out, with two-bedrooms fetching over $3 million, and three-bedrooms priced from $4.2 to $7 million. The new release is expected to achieve further record sales figures.
Dan Murphy’s was last month confirmed to open a new store in its top-tier format within the development’s retail component.
Central Element broke ground on the site early in the year.
Non-bank real estate lender MaxCap Group provided a $109 million construction facility to the project.
