‘She can’t hold on another month’: Desperate Mascot Towers unit owners consider filing bankruptcy after agreeing to pay more than $1million for emergency work
- The apartment tower in Sydney’s inner-south has been empty since June 14
- Residents have been forced to find alternate or temporary accommodation
- They are desperate for a solution after not being able to return to their homes
The owners of units in the cracking Mascot Towers are considering filing bankruptcy as costs continue to skyrocket.
The 131 unit apartment tower in Sydney’s inner-south has been empty since June 14 due to ‘rapid deterioration’ in the basement of the building.
Residents have been forced to find alternate or temporary accommodation after it was revealed they might not be allowed back into the building up to a year.
The 131 unit apartment tower in Sydney’s inner-south has been empty since June 14 due to ‘rapid deterioration’ in the basement of the building
Owners have also declined to take the funds offered by the state government because it is interest-free, which they fear they will eventually have to pay it back
Owners have also declined to take the funds offered by the state government fearing they will eventually have to pay it back.
Unit owner and real estate agent John Higgins said Mascot Towers owners are feeling the stress.
‘She needs her apartment rented out. She can’t hold another month,’ Mr Higgins told news.com.au about a unit owner.
Engineers are set to monitor the building’s deterioration month-to-month.
Residents have already agreed to pay $1.1 million for emergency work.
There is an estimation that future repairs of the 11-storey building will be more than $5 million. The price could increase as engineers continue surveying the building.
Cracks in the basement of the decade-old building had widened in the lead up to the last minute evacuation
‘People that are certifying these buildings are not accountable, as are engineers who are not registered with a unique body,’ Mr Tucker said
Brian Tucker, another apartment owner said someone should be held responsible for the Mascot Towers deterioration.
‘It’s very frustrating. There’s a lot of unanswered engineering questions that are still very frustrating,’ he reporters on Thursday night.
‘People that are certifying these buildings are not accountable, as are engineers who are not registered with a unique body.
‘It’s very frustrating when certifiers can set up a company, do certifications and then close down the company.’