Australia: Developer Jean Nassif has listed a 1.6ha parcel near Sydney Airport with expectations of more than $100 million.
The offering of 146 and 154 O’Riordan Street in Mascot, a 1.64-hectare industrial site that could be developed into multi-storey warehousing or other uses.
Mr Nassif acquired the two Mascot properties, a 1.4ha site home to an industrial complex at 154 O’Riordan Street, for $32 million from Dexus in 2015, and a smaller 2719 square metre site housing a small office building at 146 O’Riordan Street. He secured a permit for 96 hotel rooms and 444 serviced apartments with a 22-metre height limit. About half of the site could be developed up to a height of 44 metres under a different proposal, which could, if approved increase the gross floor area to over 49,000 square metres.
Colliers selling agents Michael Crombie and Trent Gallagher said the Mascot property could support many uses including multi-level industrial warehouses or commercial premises.
Crombie said: “It’s unusual to see a site of this scale for sale in such a desired location. The immediate proximity to Sydney Airport, Port Botany, Mascot Railway and the motorways will be integral to the end development of this site.”
This comes after Nassif’s daughter, Ashlyn Nassif was arrested last month on fraud charges relating to the pre-sale of apartments at a Toplace development in Castle Hill. Mr Nassif has not been charged but Ashlyn resigned as the director of Toplace on March 7, corporate filings show.
