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Owners of the troubled Mascot Towers in Sydney are considering selling after repair costs have risen

Owners of Sydney’s troubled Mascot Towers are considering selling after cracked tower repair costs rise to $ 3.8 million

  • Mascot Towers units were evacuated in June 2019 after cracks in the structure
  • Engineers suggested that the cracks widen as new ones develop
  • Many want to return to life in the units, but now there is a $ 3.8 million raise to fix
  • Owners are asked to consider selling the complex or changing the function

Owners of Sydney’s troubled Mascot Towers will be asked to look at sales after a cost increase of nearly $ 4 million to repair the apartment complex.

Plans are underway for an extraordinary general meeting where apartment owners will be asked to consider selling the complex or changing the function following an escalation in cleanup costs, according to a statement from the company of Mascot Towers owners.

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

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

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

Technical advice suggested that the cracks widen as new ones develop.

“Additional costs include an allocation of $ 3.8 million for repairs to the building’s brick facade due to problems with cracks earlier this year,” the owner’s company statement said Thursday.

A company spokesperson said for many owners, “their clear preference is to return to their Mascot Towers apartments they called home.

“The reality is that due to cost increases, this may not be possible for some owners who cannot afford the special fees to finance the loan for the renovation of the building.”

At an annual general meeting in October, owners voted to take out a commercial loan of at least $ 5 million for a 15-year period to finance repair work instead of using a previously approved special charge.

“The cost increase has been significant and owners have been faced with the additional burden of personal financial hardship due to COVID-19, which has left some owners struggling to pay their loan fees to finance the repair of the building,” spokesman. .

There are plans for an extraordinary general meeting where apartment owners will be asked to consider selling the complex or changing the function

There are plans for an extraordinary general meeting where apartment owners will be asked to consider selling the complex or changing the function

There are plans for an extraordinary general meeting where apartment owners will be asked to consider selling the complex or changing the function

Many want to return to life in the units, but now there is a $ 3.8 million raise to fix building issues

Many want to return to life in the units, but now there is a $ 3.8 million raise to fix building issues

Many want to return to life in the units, but now there is a $ 3.8 million raise to fix building issues

During the meeting, a range of options are presented to the owners. for which no date has yet been set.

The sale of the building was not excluded, while another possibility was to re-use the complex for affordable living space.

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

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