MASCOT TOWERS Apartment Owners being forced to take the Least Worst Option with Repair Bill of $53M

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CAAN Photo: Mascot Towers

Amy Greenbank writes in ‘Mascot Towers repair bill to hit $53 million prompting owners to consider selling’

Ongoing problems with the troubled Mascot Towers apartment building could see the repair bill blow out to more than $50 million, leaked emails reveal.

Key points:

  • Initial estimates put the repair bill at $7 million but that’s blown out to $32 million plus
  • An extra $21.5 million in interest on a 15-year loan will bring the final bill to $53.5 million
  • One apartment owner says the developer has gone into liquidation and can’t be held responsible for the bill

Mascot Towers, in Sydney’s south, has been plagued by structural issues and cracking since the complex was evacuated almost a year ago.

Now, owners are considering selling the beleaguered development.’

$10M more than previous estimates; an average of $400,000 for each owner (132 units)

‘Treacy Sheehan owns a three-bedroom penthouse in the complex and expects to pay an additional $5,000 a month towards the repairs.’

-in addition to strata fees, mortgages, utilities

‘A confidential email, obtained by the ABC, was sent to the building’s owners on Wednesday night by the Strata Committee.’

-the increased costs are due to problems with the facade

-a total of $3,880,000 allocated for the facade repair

WHAT have these home owners paid insurance for?

WHY isn’t the insurance industry demanding higher standards, restoration of regulations and standards to prevent these dire consequences?

-defective construction is widespread throughout the housing industry; not confined to apartment development

WHY isn’t the NSW Government going after the assets of the developer and builder?

WHAT is stopping them?

WHAT of the damage it is believed that has occurred due to the neighbouring construction of Peak Towers?

WHY should home owners be put in this predicament whereby they lose to benefit another developer who can buy this property at its land value to render Mascot Towers owners either homeless or to take on greater debt?

File:Johnny-automatic-scales-of-justice.svg - Wikimedia Commons

Photo: Johnny-automatic-scales-of-justice.svg From Wikimedia Commons

HOMEOWNERS are being forced to take the least-worst option … meanwhile the developer is free of responsibility through the ‘get out of gaol free card’ of liquidation … how convenient is that? Have these grubs got it all sewn up?

THE NSW Government it appears is doing the least it can do in covering rent for the displaced owners and residents while rectification work is being carried out. Simultaneously the government has launched yet another inquiry into building standards headed up by a Commissioner with limited powers …


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CAAN Photo: Mascot Towers 2019