Property developer Jean Nassif a winner in fast-tracked Sydney projects
Property developer Jean Nassif will be one of biggest winners of the next round of major projects tipped for approval by the state government, as part of 19 construction projects worth more than $4.7 billion. SEE THE FULL LIST
NSW
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Property developer Jean Nassif, tradies and punters will be some of the biggest winners in the latest round of fast-tracked planning approvals.
Planning Minister Rob Stokes has announced a massive 19 projects worth more than $4.7 billion will be decided on by the state government within the next four weeks.
The $42 million new Winx Stand at Royal Randwick, a brand new town in the Yass Valley near Canberra, a bunch of energy projects, schools and stage two of a 42-storey development over the Victoria Cross Metro Line at North Sydney are all part of tranche three of the Planning System Acceleration Program.
But it is Mr Nassif – made famous by his viral video of his wife Nissy receiving a $480,000 yellow Lamborghini – who will reap significant rewards from his extensive property assets.
His company, Toplace, already has five towers under construction in Castle Hill.
But Mr Nassif’s company Hills Central Pty Ltd also owns about 6000sq m of property spread over nine blocks on Garthowen Crescent and Old Northern Rd, Castle Hill – an area within the tipped-to-be-approved Castle Hill North Precinct local environment plan.
The foreshadowed change will increase the area's zoning to high density creating an estimated 60 per cent increase in land value.
“Nassif will be one many property owners who stand to benefit from an upzoning contained in the LEP change,” one source said.
To date, 48 major projects have had their assessments finalised through the program.
The government says this has created opportunities for more than 25,000 jobs, $13 billion in economic benefit, more than 8,000 new homes.
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Mr Stokes declined to comment on Mr Nassif’s windfall but said if approved, the new Winx Stand could be huge.
“The tourism sector needs all the support it can get to advance these sorts of projects and there are significant public benefits,” he said.
“So far this program has unlocked $1 billion of economic investment a week – far surpassing any other state’s planning acceleration programs
“And with local councils now following our lead with their own acceleration programs, NSW will remain the pounding heart of the Australian economy.”
Urban Taskforce CEO Tom Forrest said the government’s high density development plans around Metro stations is reaping rewards.
“We are seeing this transport investment stimulating private investment in the Hills, Macquarie Park, North Ryde, St Leonard’s, North Sydney, Waterloo and in sections of the Sydenham to Bankstown corridor,” Mr Forrest said.
“Public transport investment should drive increased height and density.”
Committee for Sydney CEO Gabriel Metcalf said pending approval for the next stage of Sydney Metro Victoria Cross “is huge, creating thousands of jobs and delivering much needed homes for the future”.
Originally published as Property developer Jean Nassif a winner in fast-tracked Sydney projects
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