New buyer of Jean Nassif’s Toplace building site in Box Hill revealed

A building site in Sydney’s west, where a $600 million town centre was meant to be built by Jean Nassif’s Toplace, now has a new owner.

Exclusive: The suburb Sydney forgot – Box Hill – is a step closer to getting a commercial and retail hub after the $50 million sale of the town centre site, which Jean Nassif’s Toplace only partially built.

The Box Hill Town Centre project was approved to include a Coles supermarket, medical centre and 660 apartments.

The total estimated value of the project was $600m, but Toplace got no further than building the underground carpark before slumping into liquidation in 2023.

The Daily Telegraph can reveal the buyer of the 4.3-hectare Terry Road site – for $50.6m – is Sydney tax lawyer Geoff Stein, via a recently established company called Polyhedric.

Mr Stein is a partner at Brown Wright Stein, which offers services including acquisition of property for developers.

Box Hill in Sydney’s North West where the half-built shopping centre can be seen on Terry Road. Picture: Jonathan Ng

It is unclear if Mr Stein bought the site for a client of the firm or in a private capacity. He said he did not want to comment.

Mr Stein is the sole director and shareholder of Polyhedric, which appears to have been incorporated for the specific purpose of the purchase.

It’s understood Coles is working with Polyhedric on delivering the supermarket and a Liquorland store.

Geoff Stein is a Partner of Brown Wright Stein Lawyers. Picture: Supplied

There is speculation that Coles has been involved in the site purchase, possibly in a joint venture with a developer. Coles was contacted for comment.

Hills Shire mayor Michelle Byrne told The Daily Telegraph it was “fantastic news” that the site was under new ownership.

“We look forward to seeing the already approved town centre finally constructed,” Dr Byrne said.

“Right now, the Town Centre is a complete eyesore and our residents deserve better than that.

“Our residents need the convenience of ducking down to their local shops to grab groceries, meet up for coffee and run their daily errands,” she added.

“For us it is welcome news and I hope the new owner of the site gets on with delivering the new Town Centre with shops and services that were originally promised.“

Hills Shire Mayor Michelle Byrne. Picture: Supplied

Toplace was delivering the town centre through a company called Box Hill Projects Pty Ltd, which is in the hands of receivers at FTI Consulting.

The first-ranking secured creditor was MaxCap Security, which was owed $33m.

MaxCap’s founder is Brae Sokolski, owner of 2021 Melbourne Cup winner Verry Elleegant.

Verry Elleegant owner Brae Sokolski with the Lexus Melbourne Cup after James Mcdonald rode it victory in 2021. Picture: Getty

Mr Sokolski is a shareholder in MaxCap via his company IvanDrago Pty Ltd — named after the Russian boxer in Rocky IV.

MaxCap was paid out about a year ago.

It is unclear how the site sale proceeds will be distributed. FTI did not respond to requests for comment.

Accused fraudster and fugitive property developer Jean Nassif in Lebanon. Picture: Supplied

After Toplace’s collapse, NSW Police issued a warrant for Nassif’s arrest on alleged fraud offences. He fled to Lebanon and has not returned to Australia.

A police spokeswoman said it “continues to work with all international law enforcement agencies in relation to people who are wanted in NSW. Investigations into Mr Nassif are ongoing.”

In April last year, a print edition of The Telegraph carried a front-page story about Box Hill residents being left without schools, parks, decent roads or a town centre. The headline was the ‘Suburb Sydney forgot’.

That story, which was part of the Telegraph’s Future Western Sydney series, led to a commitment from the state government to finally deliver schooling in Box Hill. A temporary school opened this week.

A permanent primary school and high school are due to open in 2028.

Prior to Box Hill’s plight being highlighted by The Telegraph, no land for any school had been purchased. Parents were doing 90-minute round trips to the catchment public school at Rouse Hill.

Originally published as New buyer of Jean Nassif’s Toplace building site in Box Hill revealed