Prime Neutral Bay retail precinct hits the market just one year after opening

Key points

• A ground-floor retail space at 12–14 Waters Road, Neutral Bay, has been listed for sale just twelve months after opening below the Pienza residential development. The precinct currently earns $1.64 million a year in net operating income, with projections of $1.76 million once fully leased.
• Anchor tenant Dan Murphy's occupies 67 per cent of the lettable area under a 10-year lease. Colliers is handling the sale for developer Central Element.
• Agent Tom Appleby says more than $400 million in nearby town centre and residential developments strengthens the investment case.