A plan to sell off the beleaguered Mascot Towers in Sydney's south has stalled after an intervention by shopkeepers on the ground floor of the building.
Two weeks ago the building's 132 apartment owners were told by the owners corporation it was no longer financially viable to fix the building and their best option was to cut their losses and sell to a developer. They've applied to the NSW Civil and Administrative Tribunal for a compulsory strata manager to be appointed to take over the running of the building from the owners corporation.
"We have to decide whether we are going to continue to lose money or try to recover some," chair of the Mascot Towers owners corporation Gary Deigan said two weeks ago.
'Owners were advised they should expect to take a loss of between 70-80 per cent but it was their best hope of recouping any money.' Owners: 🖕🏼🖕🏼🖕🏼
Something is seriously wrong, for a developer to walk away and leave this mess is criminal.
Strange how there's apparently no humans involved, other than the apartment owners, rather they're all faceless or nameless entities.
Yet no developers or builders are held accountable