Central Element's Pienza Neutral Bay secures MaxCap funding
Central Element's Pienza Neutral Bay Village project on Sydney’s Lower North Shore has project financing from MaxCap Group.
MaxCap will provide a $109m construction facility to Central Element.
MaxCap also recently announced support for Central Element’s Chatswood project which is due to begin construction later this year.
“Pienza targets the luxury down-sizer market where we have seen continued sales momentum over the past year and projects like this are the perfect means for MaxCap to continue with our renewed push in NSW,” said David Oudshoorn, MaxCap’s NSW state director.
“There is really nothing else like it in the area, right in the heart of Neutral Bay Village.”
Pienza will be a contemporary six-storey building, designed by leading architect SJB with 39 residences sharing a rooftop garden and infinity pool.
There are also two levels of commercial space and basement parking for both residents and the public.
Marketing commenced in November 2021, with the project being sold by CBRE, with construction expected to commence in the first quarter of this year.
Central Element is a privately-owned developer led by directors Wayne Chivas and Shane Smollen with Nathan Chivas as managing director.
Neutral Bay will see settlements this year in Fiducia's 10 top-end residences, the Harriette.
It was designed by PBD Architects with interiors by Alexander & Co and landscaping by Wyer & Co.
There's anticipated $38m gross revenue.
The project has been built by Australex Constructions at 7-9 Harriette Street.
The apartments were listed through McGrath Projects agents Colin Griffin and Murray Wood.
The final release of four had pricing from $3,190,000.