A potential settlement has been offered to owner-occupiers at Mascot Towers in Sydney, more than four years after they were forced to evacuate the defect-ridden apartment building. The NSW Building Commissioner has proposed cancelling outstanding strata debts and mortgages, allowing individual owners to sell their apartments to a third party consortium. However, 75% agreement from apartment owners is required for the proposal to proceed.
A potential settlement for owner-occupiers at Mascot Towers in Sydney has been offered, more than four years after they were forced to evacuate the defect-ridden apartment building . Residents were informed of the potential offer in December last year. Residents of the building in Sydney 's inner-south were faced with a massive repair bill after cracks were discovered in the basement in 2019.
The NSW Building Commissioner David Chandler has offered owners the option of cancelling their outstanding strata debts and mortgages. Under the proposal, individual owner-occupiers would be able to sell their apartments to a third party consortium, as opposed to having to sell as a collective. However, 75 per cent of those who own apartments in the building must agree to the proposal for it to go ahead. Mr Chandler said embattled owners should have the opportunity to "walk away and leave the building behind them". "People are sort of very keen to see an opportunity to leave this nightmare behind them.
Mascot Towers Sydney Settlement Owner-Occupiers Evacuation Defect-Ridden Apartment Building Repair Bill Cracks Basement NSW Building Commissioner Strata Debts Mortgages Sell Third Party Consortium
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