Mascot Towers Payout Nears After Five-Year Ordeal

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Mascot Towers Payout Nears After Five-Year Ordeal

Mascot Towers apartment owners in Sydney are nearing a significant payout from the New South Wales government, nearly five years after the обнаружение трещин in the building's basement. The 10-storey complex has remained vacant since 2019, leaving owners with significant financial losses.

After extensive negotiations, the NSW Building Commissioner, David Chandler, has brokered a deal that would allow apartment owners to sell their units to a third-party buyer group. The sale is expected to generate around $30 million, with each owner receiving an average of $212,700.

The proposal includes assistance for owners who have mortgages and non-mortgage holders. For owner-occupiers with debt remaining after the sale, the government will cover the outstanding loan balance. Non-mortgage holders and investors are eligible for means-tested support payments of up to $120,000.

Despite the payout, owners will still face substantial losses. However, the deal offers a way for them to move forward after a traumatic experience. Shelter NSW chief executive John Engeler notes that the agreement, though imperfect, provides closure for many owners.

The government's support for the deal is contingent on the sale of the lots to the buyer consortium. Unit owners are expected to receive offers by the end of the week.