Sue, 67, and Gary, 71, bought a $486,000 apartment in Mascot Towers, in Sydney s inner south, in March 2012, but they were were one of 132 families forced to evacuate in June 2019.
There’s one last option for unit owners caught in the Mascot Towers mess. It may be that a government buy-out and repair program is the only viable answer.
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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.
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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.