Local developer Sarkis Nassif paid $113.9 million for 20 Berry Street, North Sydney.
ARE ‘birds of a feather flocking together’? … Huang and Sarkis Nassif from the Nassif developer family. Unlike his brother Jean, Sarkis was the 2017 property person of the year, as named by lobby group the Urban Taskforce.
However, some of us may believe that is not a recommendation!
Unlike Jean, Sarkis has not reached the notoriety of ‘Bodgy builds, bubbles and a big Lamborghini: Parramatta developer hits a road block‘
Back in February 2019 the LEC Commissioner could not satisfy herself about the “structural integrity” of the work that had been done and ordered a halt to any construction at the site
-“commercial discussions” with the developer have not been finalised.
Yuhu’s quick, quiet tower sale leaves millions on the table
We sum up from the AFR Report:
Huang Xiangmo’s Yuhu Group has left millions of dollars on the table after the Chinese billionaire opted for a quick and discreet sale of his North Sydney office tower rather than a high profile sales campaign.
A private sale was conducted privately of the 15-storey tower at 20 Berry Street for $114 M between Yuhu Group and local developer, Sarkis Nassif
-no official sales agent was engaged
-the settlement period was three weeks compared to a typical time of two months!
AS revealed in previous reports exiled Chinese billionaire and property tycoon, Huang Xiangmo handed over the reins to his son Jimmy Huang. Xiangmo has transferred assets out of his name since the ATO began investigating his affairs in 2016. And he has been under investigation by NSW ICAC.
-several private Chinese groups were interested in the North Sydney property
-they required FIRB approval which can take 6 weeks following a deal
-the offer from Nassif without a due diligence period and immediate exchange sealed the deal
‘Industry sources say “a lot was left on the table” and that Yuhu Group could have reaped between $125 million and $140 million had it not rushed the sale.
That’s about $27 million more than the $113.9 million paid by Mr Nassif for the office tower.’
-Mandarin International Investment; previously wholly owned by Mr Huang, bought the 20 Berry Street property in 2015 for $59 million
-Huang transferred the shares in Mandarin International to his son following his Australian residency visa being revoked
‘The Tax Office has told the Federal Court it may seek bankruptcy orders against Mr Huang, after raising concerns he had transferred assets out of his name last year and removed himself as a beneficiary of family trusts which hold the Yuhu Group assets.’
-after his visa was cancelled he offloaded his half share in One Circular Quay, a waterfront apartment and hotel project
-and Jewel, a mixed-use development on the Gold Coast for $575M
-developer Poly pulled out of the Eastwood Shopping Centre after undertaking due diligence
‘The Berry Street sale comes after The Australian Financial Review revealed Mr Huang was planning to sell the property off market in an unusually tight timeframe of just two weeks.’
Yuhu’s quick, quiet tower sale leaves millions on the table
INGRID FUARY-WAGNER, ANGUS GRIGG AND NEIL CHENOWITH JAN 23, 2020
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