Developer's assets carved up as arrest warrant issued

Colourful developer Jean Nassif is seeing his property empire carved up as property giants Greystar and the Goodman Group move to seize major sites in South Sydney.

The planned transactions are expected to generate more than $160 million in total, The Australian reported.

However, this development takes place against the backdrop of a warrant for Nassif's arrest issued by the police last Friday, adding a layer of intrigue to the story.

Nassif has been discreetly divesting some of his commercial and residential properties while leveraging loans against others, according to The Australian. As the property market in the area experiences a surge in land values, Nassif has decided to part ways with certain assets. Among the sought-after properties is the site at 146 and 154 O'Riordan St, Mascot, owned by Nassif's JKN Park entity. Previously, his Toplace business had obtained permits for a 96-room hotel and 444 serviced apartments on this land. The transaction involving this site is estimated to be valued at approximately $82 million.

In a separate move, Greystar, a prominent build-to-rent company, has been linked to the purchase of an apartment site located at 888 Bourke St in Zetland, The Australian reported. The property, previously owned by Nassif's 888 Place Pty Ltd, was slated for a mixed-use development comprising around 182 apartments. The sale, completed for $79.2 million, adds to Greystar's presence in the sector as the company explores expansion opportunities in Sydney.

While Greystar remains tight-lipped about the acquisition, the Goodman Group has expressed its interest in the property at 146 and 154 O'Riordan St in Mascot. Currently in the due diligence phase, the company aims to capitalise on the boom in last-mile delivery by developing multi-storey warehouses in South Sydney.

Arrest warrant issued

Amidst these significant property movements, the spotlight shifts to Jean Nassif's legal troubles. An arrest warrant was issued for Nassif on Friday, as police detectives from the NSW Crime Command's Organised Crime Squad investigate alleged financial crimes dating back to April 2021, The Australian reported. In addition, Nassif's daughter, Ashlyn Nassif, faces charges related to falsifying a property pre-sale contract to secure a $150 million loan and engaging in dishonest practices for financial gain.

In March, it was revealed that Toplace was being sued for nearly $4 million for allegedly failing to pay invoices to a Sydney-based contractor.

Toplace is hardly the only construction company being accused of failing to pay subcontractors. With builders facing a perfect storm of rising costs and labour shortages, many construction firms have collapsed, leaving subbies unpaid and projects unfinished.

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