Toplace: Jean Nassif’s property empire collapses amid fraud claims, owners left in lurch

Jean Nassif’s property empire has plunged into administration days after it was permanently suspended, marking a tumultuous week for the company and leaving owners “high and dry”.

Toplace property developer Jean Nassif.

Embattled developer Jean Nassif’s property empire Toplace has plunged into administration days after it was permanently suspended.

Antony Resnick and Suelen McCallum of dVT Group were last week appointed voluntary administrators of Toplace, leaving thousands of buyers who pre-purchased apartments in limbo and homeowners with defect-riddled complexes in the dark.

“There’s a lot of uncertainty... buildings like ours that need repairs could be left high and dry,” resident Leigh Dawes said, who owns a unit at Toplace’s Vicinity complex in Canterbury.

The apartment complex was revealed to have fresh “serious defects”.

Founded in 1992 by Mr Nassif, Toplace is one of the country’s largest privately owned construction and property development companies, building more than 30,000 complexes across Sydney.

Its move into administration follows a tumultuous five days for the company and the high-profile developer, who has been in Lebanon since December even after NSW Police issued an arrest warrant in June over fraud allegations.

Toplace property developer Jean Nassif has been abroad since December.

NSW Police want to speak to Mr Nassif in relation to a fraud probe in connection to an alleged fraudulent $150m loan relating to his Castle Hill Skyview development. He has not been charged.

However, his daughter Ashlyn remains before the NSW courts over allegations she used fraudulent contracts to get the $150m Westpac loan on the Skyview development, charged with dishonestly obtaining financial advantage by deception and publishing false or misleading material.

On Thursday, the NSW Civil and Administrative Tribunal permanently suspended Toplace’s licence – and Mr Nassif’s for 10 years – pending an appeal hearing in October.

NCAT initially handed down the suspensions in December after an investigation allegedly uncovered 40 building defects across three Toplace residential sites: the Atmosphere and Skyview developments in Castle Hill, and Vicinity in Canterbury.

11-15 Charles St, Canterbury, part of Toplace’s Vicinity complex.

In January, NCAT granted them a stay to fix defects and honour existing contracts, but Thursday’s decision meant Mr Nassif and his company would once again be barred, and must find and fund contractors to do the works.

On Monday, this publication revealed defective slabs and columns at Toplace’s Vicinity 11-15 Charles St apartment complex were defective and, if not remedied, could lead to a “threat of collapse” or the “destruction of the building”.

Mr Dawes, who owns a unit at the complex, said Toplace collapsing could leave owners “high and dry”.

“It could be like what’s happened at Mascot Towers,” Mr Dawes said, who referred to the building in its current state as a “deathtrap”.

Leith Dawes in 2022 in Vicinity’s basement, which required back propping in the carpark.

Mr Dawes compared the financial response from the government to homes being destroyed in flood-prone areas to those in defective high-rises.

“I don’t begrudge anyone, but unlike when you buy in a flood zone, you’re totally unaware of the risk,” he said.

“There’s absolutely no way anyone buying an unit in a complex would be able to see or be aware that the structure was substandard.”

Across three separate building recitation orders at the Vicinity complex, at Charles St, Canterbury, serious defects included inadequate drainage, balustrades not adequately secured and fire sprinklers obstructed by pipes, as well several roof slabs not sufficiently reinforced and defective support columns.

Toplace’s Atmosphere complex at Castle Hill.

One resident last month reported “cracking sounds”, which then prompted an urgent building inspection.

Vicinity resident Michael Jones called Toplace’s collapse “incredibly concerning” and would leave owners “in a very difficult position”.

“It’s kept me up at night and will continue to have me up,” he said.

Mr Jones said he suspected Thursday’s NCAT decision and the fresh building rectification order would be “the straw that broke Toplace’s back”, and worried whether unit owners could be left with an almost $50m repair bill, which could cost $150,000 per unit.

“There’s a lot of people that won’t be able to afford that, you walk past (the complex) and there’s foreclosure notices already,” he said.

NSW Police issued a warrant for Mr Nassif’s arrest in June. Picture: NSW Police

Speaking on 2GB’s Drive with Chris O’Keefe, Fair Trading Minister Anoulack Chanthivong said the administrators were “going through Toplace’s books” but couldn’t yet confirm who would cop the bill.

“We’ll find out what the financial situation is in the next few weeks... it’s too early to tell what the books say at this stage,” the minister said.

“It should be dodgy developers paying for works on their dodgy buildings.”

A NSW Fair Trading spokesman said any existing defect orders remained in place and the administrators would determine the next steps.

“Any owners or corporations with a claim should contact the administrator in the first instance, and can contact Fair Trading to seek advice or make a complaint,” he said.

Toplace and representatives of Mr Nassif were contacted.

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