West Pennant Hills: Jean Nassif, Toplace purchased 32 homes in The Hills for 46-tower high-rise development

A cunning plan by fugitive developer Jean Nassif to snap up more than 30 homes in The Hills for a high-rise residential “village” cost him more than $300 million.

An enclave of luxury homes in Sydney’s northwest was purchased one-by-one by Jean Nassif – for more than $300 million – as part of a highly contentious vision of a high-rise hub at the doorstep of a Sydney Metro station.

Administrators and former staff, who say the disgraced developer paid “millions over property values” for 32 homes in West Pennant Hills are convinced it could be creditors’ last hope to retrieve outstanding cash owed to them.

The fugitive developer purchased the homes for prices between $2.7 million and $30 million from August 2014 to June 2019, as part of a plan to build 46 high-rise towers surrounding the Cherrybrook Metro.

The Toplace proposal for “Cherrybrook Village”, submitted in 2016, included plans for residential buildings ranging from two to 15 storeys in height and include 3200 homes.

Nassif’s vision for the site was lambasted by Hills Shire councillors and disgruntled residents, who issued a laundry list of complaints before the NSW Planning Department rejected the masterplan.

Toplace artist impressions of the 46 high rise residential towers proposed for Cherrybrook Village. Which could stretch from Highs Rd, West Pennant Hills to Cherrybrook Station.

A former Toplace employee said Nassif was advised he was spending significantly over market value for the homes in Carioca Way, Castle Hill Rd, Glenhope Rd and Staley Ct, West Pennant Hills.

“Nassif consolidated the Cherrybrook site over a number of years, at an incredible cost, he has paid more for that site than those 36 homes are currently worth,” he said. “This is the only site that has the potential to realise any sort of masterplan where money can still be made for creditors.

“But Jean was your classic bully and didn’t endear himself to The Hills Shire Council or the NSW Planning Department when these plans were being submitted.

“He was convinced he was being discriminated against.”

Artist impressions of Toplace Cherrybrook Village Precinct Plans on Castle Hill Rd.

Toplace artist impressions of the 46 high rise residential towers proposed for Cherrybrook Village.

The employee said dozens of renters who have moved into the 32 homes were paying upwards of $1600 a week to Toplace before the company’s collapse, with “rental income now diverted to administrators for the pool of creditor funds”.

One former homeowner, with intimate knowledge of Nassif’s dealing with the residents, said homeowners were made millionaires “many times over” when Nassif’s buyers agents came knocking.

“One of the houses sold to Nassif for $20.2 million,” the West Pennant Hills resident said.

Tenants now living in the village of Toplace-owned properties confirmed they continue to fork out up to $1600 a week to administrators selling off Nassif’s assets.

When asked if he was surprised by Nassif’s downfall and the $633 million owed to creditors, one tenant said “I didn’t think he would do such a thing”.

“I did not know him to be a horrible property developer,” he said.

Sources close to administrators DVT revealed a plan to sell off the properties as part of an “amalgamated site”, once a development plan has been approved by council and NSW Planning.