Developer rescues Castle Hill from Jean Nassif mess

It’s the construction job absolutely nobody would touch, until now. A Sydney high-rise development abandoned by fugitive developer Jean Nassif has been rescued.

It’s the construction job absolutely nobody would touch, until now.

Fugitive developer Jean Nassif’s abandoned high-rise apartments in Castle Hill will be completed, after an eleventh-hour rescue deal was struck with a leading Sydney firm.

After months of complex negotiations, developer ALAND has agreed to complete the three towers on Old Castle Hill Road, which have stood as partially built shells for months since the collapse of Nassif’s Toplace Group.

The new developer has also agreed to fix any defects in the shared basement of the project, formerly known as “Skyview” apartments.

Andrew Hrsto, the owner and founder of ALAND, believes construction will be completed in under two years and eventually provide more than 530 additional build-to rent homes.

The major Jean Nassif property development project on Old Castle Hill Road, Castle Hill, which will be taken over by ALAND. Picture: Tim Hunter

 “It is currently 25 per cent completed. We need to do quite a lot of remedial work to get it right. And then the basement also needs a lot of reinforcement. To be frank, it would be a lot easier to have a clear block of land and start from scratch” Mr Hrsto said.

The Daily Telegraph inspected the site on Wednesday, which has become an eyesore for locals around Castle Hill. Three unfinished apartment towers are currently covered in dirty scaffolding, with lifeless cranes towering above them.

Recently retired NSW Building Commissioner David Chandler - who was involved in the negotiations - described the deal as a “pivot point” for the industry.

Mr Chandler was hired by the State Government in the wake of the Opal Towers and Mascot Tower debacles, with the outspoken building watchdog wasting no time in tackling dodgy builders and developments.

In 2021, Mr Chandler intervened to stop residents from moving into the two completed towers of Nassif’s Castle Hill apartment complex after cracks were uncovered in the shared basement.

Andrew Hrsto, owner of Aland, has taken over the project abandoned by fugitive property developer Jean Nassif. Picture: Tim Hunter.

The prohibition order was lifted after the repairs were deemed acceptable and an agreement with Toplace was reached to monitor the works for 10 years.

Toplace Group had yet to complete the remaining three towers when it collapsed and was placed in administration, with Nassif fleeing overseas to Lebanon owing creditors hundreds of millions of dollars.

When asked whether he held concerns about ALAND taking over a Toplace project, Mr Hrsto said: “Of course we were initially very concerned. We didn’t want to be associated with the past people involved. That was one of my fears. But now that time has gone by we feel it’s a good deed to come in and finish it off.”

“This project has been stale. We feel like it’s a good deed to come and finish it off for the people of Sydney and the industry.”

The development should be completed in under two years. Picture: Tim Hunter

 Mr Chandler said that it had been a challenge to find a builder to complete the project given its size and the issues that had to be addressed, including the “quite a lot of work” that still needed to be done in the basement.

Builders either did not have the capacity or the interest in taking the towers on, he said.

Mr Chandler said he was pleased that an iCIRT Gold rated developer had taken up the challenge.

“This is a real pivot point for the industry. The project - which has just been sitting there - has been a shadow over the industry. It’s a relic of the past, of what we want to leave behind us,” he said.

Outgoing NSW Building Commissioner David Chandler said ALAND rescuing the Nassif project is a “pivot point” for the construction industry. Picture: Tim Hunter.

“This project has a reputation and a history, and this really is a turning point. Only a company like Aland has the capacity to do it. Other builders didn’t want to be associated with it because of brand damage, or it was too complex. There is still quite a lot of work to fix that basement.

“I am really pleased. The fact the receiver has chosen an iCIRT-rated builder is a good sign the market is turning and that trusted developers are getting the gigs. We are leaving the difficult days behind us.”

The three apartments completed by ALAND will remain rentals for 10 years to ensure all remedial work is complete.

Premier Chris Minns welcomed the news of the Old Castle Hill Road project being completed, telling 2GB’s Ray Hadley: “this is a fantastic step in the right direction. It’s exactly what we need.

“What this does, with ALAND stepping in and with David Chandler cleaning up the industry is put confidence back into buying off the plan. We are very grateful that ALAND has stepped in. I want to back good developers in NSW.”

Hadley said he had been invited to inspect the site, previously owned by Jean Nassif during the week: “what I saw was nothing short of disgraceful. There are pylons cracking, water seeping down, splits in concrete that have to be braced.”

It comes as new data from ASIC indicates construction insolvencies are slowly beginning to stabilise across the country.

Mr Hrsto said: “the construction industry has gone through a massive reform. It’s now finding its feet. The people who are left in the industry are good builders, I believe. There are probably more insolvencies to come… but the guys who remain are solid.”

Originally published as Developer rescues Castle Hill from Jean Nassif mess