Receivers selling off Bowden apartments developed by fugitive businessman Jean Nassif

An apartment block at Bowden developed by fugitive Sydney property developer Jean Nassif is being sold off by receivers.

The apartment block at Bowden being sold off by receivers.

An apartment block at Bowden developed by fugitive Sydney property developer Jean Nassif is being sold off by receivers in a bid to recover millions of dollars owed to lender Commonwealth Bank.

Mr Nassif’s construction and development firm Toplace completed the project on the corner of Sixth St and Park Tce in 2019 before the company’s collapse earlier this year.

Toplace was placed into administration in July with debts of more than $1bn and thousands of affected homeowners in Australia’s largest ever property company collapse.

Nassif is also wanted by NSW Police over a $150m fraud allegation but has not returned to Australia since departing for Lebanon late last year.

Dozens of Toplace companies have been placed into administration and receivership in recent weeks, including Bowden 163 Properties Pty Ltd, which was set up by Mr Nassif and former business partner Anthony Hasham in 2015 to oversee the Bowden project. ASIC records show that Mr Hasham resigned as a director of the company in May 2020.

The six-level building comprises of 31 residential units held on one title.

Jean Nassif pictured last year. Picture: Liam Mendes / The Australian

At the time the duo acquired the site in 2016, Mr Nassif said he hoped it would be “the first of many more projects in South Australia” for the company.

Receivers David Kidman and Tim Mableson from KPMG were appointed by Commonwealth Bank to take control of the Bowden property on August 2. According to Mr Kidman’s latest report to creditors, the bank is owed more than $5.5m.

While the estimated value of the property is not disclosed in the report, industry sources suggest it could attract offers of around $10m.

Colliers’ Jordan Schmidt, Alistair Mackie and Rhys Newman have been appointed to sell the property, which they say has had a high-occupancy track record. It is currently occupied by 27 long-standing tenants, with four fully-furnished vacant apartments previously used for Airbnb.

Colliers estimates that the property would attract a fully-leased net annual income of about $525,000.

“The building presents a fantastic opportunity to unlock further value through a range of options including short-term accommodation, self-manage the building to reduce operating costs or individually community title the apartments and sell down to capitalise on high rental demand in Adelaide,” Colliers head of investment services Jordan Schmidt said.

The building offers a mix of one, two and three-bedroom apartments, with basement car parking for 32 vehicles.

Expressions of interest close at 12pm on November 23.

Originally published as Receivers selling off Bowden apartments developed by fugitive businessman Jean Nassif