Remediation work on Sydney's beleaguered Mascot Towers can now begin after unit owners agreed to pay a special $7 million levy.
Residents of the complex's 132 apartments were evacuated in mid-June due to cracking in the primary support structure and facade masonry, and have since been living in temporary accommodation. At an extraordinary general meeting on Thursday night, owners passed a motion to pay the $7 million levy plus GST, rather than a previously estimated levy of $10 million which included a contingency fund of 30 per cent.The sum will be raised by apartment owners and will pay for stages one and three of the complex's remediation work.Engineers investigating the cause of the problems told owners at the meeting that some residents may be able to return home in the new year.
Lawyers for the owners' corporation and state government representatives had also been expected to address the meeting. Earlier on Thursday, residents were told the NSW government had agreed to extend rental assistance for the displaced residents by another six months, out to March 2020, subject to an agreed funding deed.
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Mascot Towers residents told they will not return home this yearOwners of apartments in the cracked building are at a meeting on Thursday night to vote on whether to take out a $10 million loan to pay for early remediation works. MeganGorrey Suckers MeganGorrey I genuinely feel for them, this isn’t something they could foresee Have a read of the council planning permit for the building (it’s online) It immediately strikes you that the 5 companies developing and building are all brothers, sisters, aunties, etc of the Elias family MeganGorrey
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Mascot Towers owners agree to cough up $7million to fix cracked building | Sky News AustraliaMascot Towers Residents in Sydney have agreed to pay a $7 million levy to fix the cracked apartment complex. \n\nA meeting between the owners reportedly lasted four-hours with residents voting to pay the $7 million rather than using borrowed funds. \n\nThe money will be spread across the 132 units for four-stages of works, seeing each owner paying an estimated $53,000. \n\nWith fears the cost will blow out, there is still no word as to when owners will be allowed to return home. \n\nImage: News Corp Australia
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Mascot Towers residents told they will not return home this yearOwners of apartments in the cracked building are at a meeting on Thursday night to vote on whether to take out a $10 million loan to pay for early remediation works. MeganGorrey Suckers MeganGorrey I genuinely feel for them, this isn’t something they could foresee Have a read of the council planning permit for the building (it’s online) It immediately strikes you that the 5 companies developing and building are all brothers, sisters, aunties, etc of the Elias family MeganGorrey
Source: smh - 🏆 6. / 80 Read more »
Mascot Towers owners agree to cough up $7million to fix cracked building | Sky News AustraliaMascot Towers Residents in Sydney have agreed to pay a $7 million levy to fix the cracked apartment complex. \n\nA meeting between the owners reportedly lasted four-hours with residents voting to pay the $7 million rather than using borrowed funds. \n\nThe money will be spread across the 132 units for four-stages of works, seeing each owner paying an estimated $53,000. \n\nWith fears the cost will blow out, there is still no word as to when owners will be allowed to return home. \n\nImage: News Corp Australia
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