Baby Boomers Snap Up Record Breaking $7 million Luxury Apartment

As house prices continue to climb, a $7 million off-the-plan sale for Pienza reaffirms the growing interest by owner-occupiers in the luxury apartment market in prime village locations.

Unveiled in December, “Pienza” is a $180 million luxury residential and retail project in the heart of Neutral Bay. Despite COVID restrictions and holiday festivities, a range of benchmark prices have been secured including a $7 million apartment on the second floor, setting a new price record within the popular village precinct of over $33000 per sqm.

Meticulously crafted by award-winning SJB Architects, the 39 mostly penthouse sized residences of “Pienza” elevate the preconceived notions that apartment living means compromising on space, something savoured and expected in the lower North Shore. The record sale showcases a 3-bedroom residence on the North Eastern corner of Pienza with 212sqms of interior living space and a 27sqm balcony.

The baby boomer generation looking to downsize have led the surge of curiosity in Pienza. With a level of imported quality and personal tailoring unseen before in the lower North Shore, the prospect of convenience and an abundance of amenities have been welcomed as an impressive and winning combination, in which level access convenience and bespoke luxury is being valued above water views. Ben Stewart, Senior Director of CBRE Residential Projects comments:

The purchaser is a downsizer and has been looking for more than 12 months, including considering a number of other recent developments in the area, Pienza being the only one to tick all the boxes including northern frontage, walkability within the Neutral Bay Village, premium level of finish and flexibility to curate the unit through finishes and upgrades. Lots of purchasers have come from properties with expansive harbour views, they are now at a stage in their life where they want to prioritise the benefits of a Northern aspect and the convenience of amenities on their doorstep rather than a car ride away.”  

With tremendous care taken to ensure an exceptional generosity of space, the interiors of Pienza feature design choices more synonymous with a grand house than an apartment including butler’s pantry, home office, powder room, and private outdoor spaces. Celebrating individual timeless style and the finer things in life, purchasers have chosen to include custom-built bars and fireplaces with world class appliances by Wolf and Sub-Zero incorporated throughout as standard.

All residents will also enjoy secluded rooftop gardens and infinity pool whilst the ground and lower ground level will feature premium shopping and dining experiences.  From specialty supermarkets and stores to eateries: each retailer will be hand chosen to complement the existing fine grain of Neutral Bay as well as the reimagined public domain.

Adam Haddow, Director or SJB, comments on the desire for village living;

“We began designing Pienza during COVID, and what became prevalent during this period is people’s desire to be much more connected to their village — to have everything that you need within a very short distance of where you live. Our design process was about how to balance urban living — the activity and intrigue and energy that comes from having everything at your fingertips — and a quiet oasis above it all.”

Pienza’s presence, positioned on the North Eastern corner of the town centre, will be a catalyst that inspires and propels the town centre to greater aspirations. Located on the corner of Waters Road and Grosvenor Street, its completion, expected in late 2023, supports the Council’s Military Road Corridor Planning Study and the future growth plans for the area.

Nathan Chivas, Managing Director of Central Element comments on Pienza being the first significant project in this multi-stage urban planning strategy.

“Not only are the residences a truly special addition in the heart of Neutral Bay, but its presence will also help transform the streetscape for everyone to enjoy. Change will be seen within the public domain immediately surrounding Pienza, pathways will be widened and repaved, inviting pedestrians to wander through and gather at outdoor benches and tables. The row of mature native trees will be retained, with new landscaping and public artworks adding even more greenery and life. This building will give Neutral Bay Village a sense of materiality, a sense of beauty and joy, and most importantly, a sense of pride.”

Overseeing the build of Pienza is Richard Crookes – consistently ranked amongst the country’s leading private companies, the family business was established in 1976 and has become one of Australia’s most trusted and recognized builders. Their portfolio includes many of Sydney’s most prestigious and complex projects, such as Loftus Lane and the Walsh Bay Arts and Cultural Precinct.

1,2 and 3-bedroom residences are available to purchase at Pienza, with the display suite on Young Street open for appointments.

Find out more about Pienza by visiting the website

The Weekend Australian 5th February 2022

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