Fugitive developer site sold for $80m
A major north west Sydney site until recently controlled by fugitive developer Jean Nassif’s Toplace has been sold by an interest associated with its administrator.
The 12.02 hectare tract, 14 Schofields Road, Schofields, is collecting $80 million from another local builder.
The land came permit-ready for 1381 apartments in 17 buildings – 16 of them rising five floors, the other, four.
These would contain a total 1735 basement car parks.
Schofields is about 45 kilometres fom the CBD.
Profit turned
Toplace paid the state government’s urban development arm, UrbanGrowth, $35m, for 14 Schofields Rd, a decade ago.
Mr Nassif, who quit Sydney for Lebanon in 2022, last July appointed dVT Group voluntary administrator (story continues below).
Toplace was later revealed to have debts circling $1.47 billion, including over $120m in claims to repair defective local apartment projects, amongst them Park Grove in Botany, Atmosphere and Skyview in Castle Hill, Parramatta’s Rise and Mascot Towers, in Mascot – the latter in which residents were evacuated in 2020.
Ray White Commercial’s Peter Vines and Victor Sheu marketed 14 Schofields Rd for dVT Group arm dVT Property Group.
It is the priciest apartment site sale in western Sydney for 12 months, the agents said.
“With the current housing crisis there is a huge demand for more apartments in the area,” they added.
“This development will help address that need, particularly in a region where many immigrant communities, including those from India and Nepal, are rapidly expanding,” according to the executives.
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