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MacroBusiness Access Subscriber Only Content In June 2019, Sydney’s 132-apartment Mascot Tower was evacuated after large cracks were discovered. Fresh cracks then appeared in February 2020, prompting authorities to close shops and set up an exclusion zone around the building. Nearly two years on and 132 families remain locked out of their apartments with many lumped with crippling debts. There are 715 words left in this subscriber-only article. Today, The AFRreports that Mascot Owners are set to vote on a $40 million proposal to sell the complex as a redevelopment site, which would mean losing up to 80% of their initial property value: 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. ....
Sky News host Alan Jones says the government has "wiped its hand" in taking responsibility for the costs associated with the aftermath of the Mascot Towers building debacle - where apartment owners stand to lose an exorbitant amount of money.
"Mascot Towers, with 132 units in it, was built in 2009. Without going into detail, as you know, this stuff is all signed off by building inspectors and everybody - an owner is entitled to believe that everything is fine," he said.
"Innocent people paid a million dollars and more for an apartment. But residents had to evacuate in June 2019 after cracking was found in the primary support structure and façade masonry, sparking fears the building could collapse.
"My understanding is the future of the building itself will be decided at an extraordinary general meeting at the end of this month.
"Gary Deigan, the Owners Corporation Chairman suggested the Government buy the building at a di ....
Print text only Cancel Owners of apartments in the troubled Mascot Towers building have been advised it is no longer financially viable to fix the building and that their best option is to sell up. Key points: Even then, losses are likely to be between 70-80 per cent of what they paid Owners have two weeks to consider their position before a vote that needs complete agreement At a meeting on Thursday night, owners were told several developers are interested in buying the building with a view to demolishing it and rebuilding from scratch. Chair of the Mascot Towers Owners Corporation Gary Deigan told the ABC: The only solution in our mind is to sell the building off. ....
Advertisement Almost two years after Mascot Towers was evacuated, owners will meet on Thursday evening to discuss the collective sale of the property in a bid to end their nightmare. Residents will attend an informal information evening at The Juniors Maroubra club to discuss their limited options. The future of the building will be decided at an extraordinary general meeting in about two weeks when owners will vote on the preferred outcome. The possibility of selling the 132-unit block in Sydneyâs south was first raised in May last year. Credit:SMH Mascot Towers Owners Corporation chair Gary Deigan said while owners had sought rectification of the property, high engineering and construction costs had left them in financial strife, with many unable to meet bank repayments. ....
Mascot Towers: residents to consider selling building after exhausting all options smh.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smh.com.au Daily Mail and Mail on Sunday newspapers.