Administrators have been appointed to manage Toplace Pty Ltd, the company owned and founded by developer Jean Nassif. Buyers are concerned because several developments linked to Toplace are already under the spotlight for having significant defects.
In 2021, buyers were blocked from moving into a 900-apartment complex known as Skyview, in Castle Hill. This was after the NSW Building Commissioner confirmed “extensive signs of cracking” were discovered in the building’s basement.
In July 2021, Mr Nassif’s building company, Toplace, agreed to be liable for any structural defects in the Skyview towers complex in Castle Hill for 20 years. This was a landmark decision – the first of its kind in New South Wales.
In July 2023, Toplace’s Vicinity complex in Canterbury was issued with a building work rectification order, which identifies serious defects.
ABC News is reporting the bill to fix the defects in the Vicinity complex is about $50 million. There are 276 lots in the complex, which means each owner will is to contribute about $180,000.
NSW Premier Chris Minns urged those affected by Toplace’s administration to register as an unsecured creditor.
NSW Fair Trading has published an information page to assist lot owners, purchasers and other parties impacted by the voluntary administration. The page will be regularly updated.
Open House Conveyancing can provide legal advice to persons who have signed a contract to purchase a property from Toplace. Contact us for a confidential discussion.
