Toplace sites sold off as fugitive developer Jean Nassif’s empire crumbles

The property empire controlled by fugitive Sydney developer Jean Nassif, who is believed to be hiding out in Lebanon, is being broken up and sold off.

Jean Nassif is reportedly in Lebanon and is the subject of a NSW Police arrest warrant related to fraud allegations. Picture: Liam Mendes

The property empire controlled by fugitive developer Jean Nassif is being carved up, with major sites in western Sydney sold off in deals worth more than $120m.

The sites are selling in an otherwise subdued property market, and are starting to show falls in land values, which are expected to reverberate across the residential development market. The sales are being guided by lenders to Mr Nassif’s Toplace empire, which collapsed owing about $1.2bn to major banks and finance houses. The sales could recalibrate land prices, helping to spark new projects to help address the housing crisis.

The Nassif empire has been picked over by rival players for months and they are now starting to buy properties.

The biggest sale so far has been a huge undeveloped site in the suburb of Schofields, which was picked up in a debt-related deal for about $80m.

The Schofields property was under the control of Toplace administrators DvT and billed as a multistage residential development by Toplace, which bought it for $35m in 2014. Early works have been done, and holding costs the developer racked up mean it will walk away with little to show. The sale was handled by RWC Western Sydney, which declined to comment. The site has approval for 1381 units across 17 buildings.

The family home of accused fraudster Jean Nassif in northern Lebanon.

Several industry players said that it was now controlled by western Sydney construction company Bathla, which has built more than 8000 properties. That group is also looking at selling other properties.

Another industrial property site that was once part of the Toplace empire has been sold at a loss of about $30m in Parramatta, on behalf of receiver KordaMentha, which was acting for a finance house.

The properties on River Rd West and Arthur St were assembled by Toplace in 2015 for about $70m but sold for about $40m in a campaign handled by agents ­Colliers.

Toplace had ambitions of putting apartments on the site but was thwarted by planning issues and problems prompted by its own botched development on Parramatta’s Macquarie St.

Jean Nassif.

The properties were billed as an attractive investment opportunity for industrial owner-occupiers, strata developers, even build-to-rent operators and traditional apartment developers.

They are believed to have been picked up by interests associated with developer Milad Raad, who is expected to undertake an industrial project.

Key parts of Mr Nassif’s Toplace empire have been quietly put on the block since it fell into administration in July. Its debts of over $1.2bn are owed to not just prominent financiers but unpaid suppliers, tradespeople and residents in defective apartment buildings. By September, key sites once under the control of Toplace were formally hitting the market.

The developer was once feted on social media for his infamous gift of a yellow Lamborghini to wife Nissy, but it was later sold by the company to help raise funds.

Nissy Nassif was gifted a yellow Lamborghini by the developer.

Jean and Nissy Nassif.

He has reportedly been in Lebanon since December and is the subject of a NSW Police arrest warrant related to fraud allegations over a $150m Westpac loan. He has claimed that he has been trying to strike a deal with police to get bail if he returns to Sydney.

Toplace went into administration days after its building licence was suspended indefinitely by the NSW Civil and Administrative Tribunal over defects at its developments.

Other large sites are also in play. Some adventurous buyers have looked at Toplace’s controversial car park in Parramatta. The Macquarie St complex includes above-ground floors and an underground component where Toplace undertook illegal works, complicating any sale. But it could be worth up to $80m if a developer is able to rectify the floors and even build above the car park.

In June, property giants Greystar and Goodman bought major sites in southern Sydney, picking them up for more than $160m before Toplace called in administrators.