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Owners of Sydney’s troubled Mascot Towers consider selling up after repair costs soar

Owners of units in Sydney’s troubled Mascot Towers consider selling up after repair costs for cracked building soar to $3.8million

  • Mascot Towers units was evacuated in June 2019 after cracks found in structure  
  • Engineers suggested cracks have continued to widen as new ones develop
  • Many wish to return to living in the units but now there is a $3.8M increase to fix
  • Owners are being asked to consider selling the complex or changing its function 

Owners of Sydney’s troubled Mascot Towers will be asked to look at selling up after an almost $4million increase in costs to fix the apartment complex.

Plans are under way for an extraordinary general meeting where apartment owners will be asked to consider selling the complex or changing its function following an escalation in remediation costs, a statement from the Mascot Towers owners corporation says.

The 132-unit residential block was evacuated in June 2019 after cracks were found in the primary support structure and facade masonry.

Mascot Towers units was evacuated in June 2019 after cracks were found in the primary support structure and facade masonry

Engineering advice suggested the cracks have continued to widen as new ones develop.

‘Additional costs include an allocation for $3.8million for repairs to the building’s brick facade following issues with cracking earlier this year,’ the statement from the owners corporation said on Thursday.

A spokesman for the corporation said for many owners, ‘their clear preference is to return to their Mascot Towers apartments which they called home.

‘The reality is that because of cost escalations, this may not be possible for some owners who may not be able to afford the special levies to fund the loan for the remediation of the building.’

At an annual general meeting in October, owners voted to enter into a minimum $5million, 15-year commercial loan to fund repair works instead of using a previously-approved special levy.

‘The cost escalation has been significant, and owners have faced the additional burden of personal financial hardship as a result of COVID-19 which has resulted in some owners struggling to pay their loan levies to fund the repair of the building,’ the spokesman said.

Plans are under way for an extraordinary general meeting where apartment owners will be asked to consider selling the complex or changing its function

Plans are under way for an extraordinary general meeting where apartment owners will be asked to consider selling the complex or changing its function

Many wish to return to living in the units but now there is a $3.8M increase to fix issues with the building

Many wish to return to living in the units but now there is a $3.8M increase to fix issues with the building

A range of options will be presented to owners at the meeting. for which a date has not yet been set.

The on-sale of the building was not ruled out while another option was repurposing the complex for affordable housing accommodation.

Any decision about the future of Mascot Towers will not prevent legal action continuing, the owners corporation said.

 

Read more at DailyMail.co.uk