A property developer has been granted bail after being charged over a fire that destroyed a valuable heritage property on Sydney's lower north shore.
Steve Nassif, 69, was one of two men arrested yesterday over the blaze at Northwood in early September, accused of destroying or damaging property in company.
While nobody was home at the time, it took more than an hour for fire crews to extinguish the blaze at the property, which was previously valued at over $24 million.
During an arson investigation, the incident was deemed suspicious due to the presence of liquid accelerant.
Mr Nassif applied for bail during his first appearance at Penrith Local Court today, which was opposed by the police prosecutor.
Sergeant Leon Payne said it was an "extremely strong prosecution case" which involved electronic surveillance.
He cited various risks including the risk of flight, telling the magistrate it was clear the defendant had "access to significant amounts of money", and the potential for interfering with witnesses and evidence.
The property belonged to fund manager Ouyang "Owen" Chen and his wife Xiao Hong Li.
Sergeant Payne said during a police interview Mr Nassif didn't make any admissions but did concede he knew the owner of the destroyed property, with whom he had been camping and hunting on several occasions.
"There's a link there," he told the court.
"I don't want to speculate further."
There is no suggestion of any wrongdoing on the part of Mr Chen.
Barrister Mark Dennis SC, representing Mr Nassif, said his client had spent the last 45 years in Australia, has been married since 1980, and had two adult children and six grandchildren.
He also has business interests and "very significant community ties".
The court heard Mr Nassif owns a farm in regional NSW with an estimated value of $1.5 million and was willing to offer a significant surety by way of mortgages in the sum of $800,000 from him, and $200,000 from his son.
"Taking the Crown case at its highest, none of which is conceded, this would appear to be a very specific act with a very specific target," Mr Dennis said, rebuffing the prosecutor's suggestion that further offending was another risk.
Magistrate Stephen Corry granted bail on conditions including daily reporting to police, a nightly curfew, and a ban on approaching international airports or other points of departure.
Mr Nassif will also only be allowed to operate one mobile phone, with the number provided to the officer in charge of the investigation, and will surrender his passport.
The bail conditions include a surety of $400,000.
The decision came after another magistrate set to hear the application, Chris Longley, declared to the parties that he knew the former owner of the property "very well".
Asked by Mr Dennis if he had visited the premises, he replied: "I certainly have".
"I was there with my wife at the invitation of the previous owners ... to say goodbye to their family house."
Mr Nassif's legal team requested another magistrate.
Co-accused, 20-year-old Adams Kipkosgei Bett, did not apply for bail when his case was mentioned at Bankstown Local Court.
Both cases return to Bankstown on January 12.
