McVay Real Estate, as exclusive agents for Central Element, has been appointed to manage the sale of the retail offering that forms part of the landmark Pienza urban village development in Neutral Bay, which is due for completion in October.
Pienza Retail Neutral Bay Village is the first new anchored retail property within 4km of Sydney CBD in almost a decade, offering a rare opportunity for investors seeking a premium, tightly held location.
Anchored by a secure 10-year lease with Dan Murphy’s and supported by four specialty tenancies, this asset is positioned as the new retail focal point in Neutral Bay, offering strong tenant covenants and long-term income security.
The purpose-built Dan Murphy’s 2.0 Vintage, on the lower ground floor, is the liquor retailer’s top-tier format and its first new build in inner Sydney since the opening of its Mosman store in 2017.
With a 9.4-year WALE by area, over 95% occupancy, and average annual rental growth of 3.2%, this asset delivers tax-effective income, secure rental streams, and exposure to Neutral Bay’s high-demand market.
“Tenants and investors alike are attracted to the fundamentals of Sydney’s lower north shore, which is one of Australia’s most densely populated and affluent catchments. With a pipeline of 8,000 apartments under development, retail development is severely constrained.”
The property’s specialty tenancies include the popular Eastern Suburbs pilates studio Body Love and artisan bakery Wholegreen Bakery, which are moving north of the bridge for the first time. The 533 sqm property will include a yet-to-be-announced high-end hospitality operator, with the tenancy sizes ranging from 58 sqm to 275 sqm.
The asset forms part of the landmark Pienza development, which includes 37 luxury residences, private wellness facilities, public artwork, and enhancements to the surrounding streetscape.
Dan McVay of McVay Real Estate added: “Scheduled for completion in Q4 2025, this landmark 1,654 sqm retail precinct, featuring 47 secure basement car spaces, will serve one of Australia’s most affluent communities. The main trade area's per capita income is 75% higher than the Australian average.”
Pienza Retail, 55 Grosvenor Street Neutral Bay, will be sold via an Expression of Interest Campaign closing Wednesday, 3 September 2025 at 4pm (AEST).
