General
Mascot Towers owners urged to sell as developers express interest in demolishing beleaguered block
Owners of apartments in the troubled Mascot Towers building have been advised it is no longer financially viable to fix the building and that their best option is to sell up.
Key points:
- Owners have been told their best chance of recouping any money is to sell
- Even then, losses are likely to be between 70-80 per cent of what they paid
- Owners have two weeks to consider their position before a vote that needs complete agreement
At a meeting on Thursday night, owners were told several developers are interested in buying the building with a view to demolishing it and rebuilding from scratch.
Chair of the Mascot Towers Owners Corporation Gary Deigan told the ABC: “The only solution in our mind is to sell the building off.”
“We have lost a lot of…
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