Mascot owners' best hope is for $40m firesale

Mascot owners’ best hope is for $40m firesale
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Apartment owners in Sydney’s Mascot Towers will vote this month on a $40 million proposal to sell their troubled apartment tower as a redevelopment site, with many resigned to losing up to 80 per cent on their property as the most realistic way to end their two-year nightmare.
Strata body chairman Gary Deigan said rectification of the 10-storey tower was too costly as the strata body already had a $32 million loan facility – and had drawn down nearly half of it – and would need to raise more than owners could afford to meet the current repair estimate of $38.5 million.

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