Mascot Towers owners flag interest in sale of entire building
Owners in Sydney's damaged Mascot Towers high-rise say they are open to considering a sale of the entire building, as some who have lost their jobs during the coronavirus lockdown face major financial difficulties.
A majority of owners have voted in favour of investigating a collective sale, which will allow the residents to explore numerous options such as the end use of the building, the cost and timeframe for selling.
A sale of the entire Mascot Towers high-rise is not guaranteed because it will need almost universal support to avoid protracted legal proceedings.Credit:Brook Mitchell
Owners had to vote by last Wednesday on a motion to allow the owners corporation to look at options for the 132-unit block in Sydney's south, almost a year after they were evacuated due to severe cracking in its main support structure.
Should it become the preferred option, a sale of the building is not a fait accompli because support from almost all owners will be needed to avoid protracted legal proceedings.
"For it really to be viable, we would need just about everyone on board because it would be a long and drawn-out process otherwise," apartment owner Brian Tucker said.
"We would have to take it to court – it might take years."
Brian Tucker says the impact of the pandemic has worsened owners' already dire financial situations.Credit:Louie Douvis
Owners and tenants have been unable to return to their apartments since the building was evacuated. Last month the cost of repairing the building and repaying a 15-year strata loan escalated to almost $54 million, about $10 million higher than previous estimates.
Mr Tucker said the impact of the pandemic had worsened owners' already dire financial situations.
"There are a lot of people who are really desperate. Everyone is just so upset. All of this is on top of COVID and it's really taking its toll," he said.
"There are a lot of people who are just not earning any income now and there are huge debts to pay. The hole is just getting deeper and deeper."
Remediation work on Mascot Towers began last July.Credit:Kate Geraghty
Another owner, who did not want to be named, said he was considering all courses of action, but the collective sale of the apartment complex would allow him to start his life again.
"I'd love to get rid of it and rebuild my life and rebuild my family's life. We just need to carefully consider the options and decide which way is the best way," he said.
Under his repayment schedule, the resident will be forced to pay more than $600,000 for remediation works and a strata loan.
The cost means he and his partner have had to rule out having a second child.
"We feel robbed of our future and of not having a second child – we really wanted a second child," he said.
An investigation of the options for the building by the owners' corporation is expected to take about two months.
The evacuation from Mascot Towers and severe cracking in the Opal Tower at Sydney Olympic Park in December 2018 sparked a NSW parliamentary inquiry into building standards, the appointment of a building commissioner and measures to protect owners from shoddy building practices.