Sydney apartment developer Jean Nassif is hoping to bag $100 million for a 1.64ha site near Sydney Airport, amid ongoing court battles.
Nassif reportedly acquired the larger industrial complex at 154 O’Riordan Street for $32 million from Dexus in 2015 and later acquired the neighbouring 146 O’Riordan Street site at Mascot.
Colliers national directors Michael Crombie and Trent Gallagher are marketing the DA-approved site on behalf of JKN Park, which is owned by Jean Nassif.
Nassif was granted a permit for a 96-room hotel and 444 serviced apartments across the agglomerated site and the agents said it was a develop or hold asset in a strongly contested area.
Meanwhile, Nassif has been overseas, while a parliamentary inquiry was under way into the Hills Shire Council and the Toplace director’s construction company has been slapped with a $4-million lawsuit this week over accusations of unpaid invoices amounting to $3,808,908 owed to a Sydney-based contractor.
Earlier this year Nassif and Toplace were granted a reprieve and allowed to continue trading following a review of the revocation of their building licences.
Toplace and Nassif cannot take on new contracts without the approval of NCAT and the Commissioner of Fair Trading while an appeal is under way.
Toplace argued that the cancellation of the licences would severely impact the ability for it to undertake remediation works at its development sites.
Colliers agent Michael Crombie said it was rare to put a site of this scale to market in the Mascot area.
“The immediate proximity to Sydney Airport, Port Botany, Mascot Railway and the motorways will be integral to the end development of this site,” Crombie said.
“The vendor has heavily de-risked this asset, with a DA as well as an amendment to the height enhancing the development opportunity.”
Toplace was ordered to undertake remediation works at an apartment building in Sydney’s inner west.
In December 2022, NSW Fair Trading took action against Jean Nassif and his development company Toplace after a series of building rectification orders were issued for its developments over “potential serious defects” and concerns that transfer slabs were “not structurally adequate”.
Nassif has reportedly delivered in excess of 30,000 homes.
