17°C |
Saturday October 17, 2026 
16 October 2026
The ground-floor retail space at 12–14 Waters Road, Neutral Bay, has been put up for sale just twelve months after opening its doors below the six-storey Pienza residential development.
The precinct currently generates $1.64 million in net operating income annually, with projections rising to $1.76 million per year once fully leased. The precinct benefits from an affluent demographic catchment, with local residents earning roughly 60 per cent above the Greater Sydney average.
Anchor tenant Dan Murphy’s occupies 67% of the total lettable area under a 10-year lease featuring a fixed annual rent increase of 3 per cent. The remaining commercial space is shared by Wholegreen Bakery, Bodylove Pilates, and Trattor, along with 47 basement parking spots managed by InterPark.
View this post on Instagram
Colliers are managing the sale on behalf of developer Central Element. “The investment case is strengthened by more than $400 million in proposed town centre and residential developments immediately surrounding the property. The combination of established income, a recently completed asset and the potential for increased local population and retail activity makes Pienza Retail an appealing proposition for investors seeking quality retail assets on Sydney’s tightly-held Lower North Shore,” said agent Tom Appleby.