Press Release

FOR IMMEDIATE RELEASE

MASCOT TOWERS OWNERS VOTE TO INITIATE LEGAL PROCEEDINGS AND EXPLORE POSSIBLE SALE OPTIONS

Owners of the Mascot Towers apartments in Sydney have voted in favour of two major resolutions following an EGM held last week.

Online voting was established to resolve several tabled motions, including the commencement of legal proceedings against neighbouring Peak Towers developer Aland and related parties, and exploring the collective sale of Mascot Towers.

The EGM resolved via a clear majority that the Owners Corporation will commence legal proceedings against Aland and will explore options relating to the collective sale.

In June 2019, significant cracking was seen throughout the slab and structural beams at Mascot Towers following the excavation work next door as Peak Towers was being built. That is not a coincidence. The soil that supported Mascot Towers was removed by those constructing the Peak Towers basement meaning that the Mascot Towers building loads could no longer be fully supported.

Now that Mascot Towers’ geotechnical engineers and contractors have successfully restored the supporting foundation beneath Mascot Towers to allow for structural repairs to get underway, the owners believe it is time to ensure that those responsible for last year’s damage are held accountable.

“Aland has always denied responsibility and earlier refused to provide Mascot Towers’ engineers with access to inspect the Peak Towers basement,” a Mascot Towers spokesperson said today.

Mascot Towers will demonstrate that Aland’s shoring system at Peak Towers was under-designed, that the piles were incorrectly built, that waterproofing was missing or wholly insufficient, that the basement was not “tanked” (i.e. it was not sealed from groundwater) and that prolonged de-watering was undertaken by Aland and beyond recommendations and Council permits.

“We’re confident we have a very strong legal case and we intend to see it through,” a spokesperson for Mascot Towers Owners Corporation said today.

“Mascot Towers calls on Aland (and any other parties involved in the excavation of the Peak Towers basement) to do the right thing by the people at Mascot Towers and to come forward, accept responsibility and to offer compensation.

“We also ask that NSW Government take decisive action against such practices and to take enforcement measures against those involved. We understand that NSW Fair Trading is separately investigating the certification and building work at Peak Towers,” the spokesperson said.

Mascot Towers welcomes the NSW Government and the Building Commissioner reporting publicly on the involvement of third-party building professionals in the cause of the 2019 cracking discovery and the subsequent evacuation of Mascot Towers.

Further:

Undertaking research for a collective sale is also underway following a majority vote in favour to review the option of selling the building.

However, this does not (not) mean that a collective sale has been approved.

“Owners have faced the additional burden of personal financial hardship as a result of COVID19, which has resulted in some owners struggling to pay their loan levies to fund the repair of the building.

“Owners are understandably distressed, which has been exacerbated by the Coronavirus pandemic; and it’s clearly reflected in the strong majority voting to explore all options.

“We want to make clear that this resolution only allows the Owners Corporation to explore and report back on sale options at Mascot Towers. It does not approve the collective sale of the strata scheme.

“The collective sale of a strata scheme is a complex and detailed process.

“The passing of this motion does not mean that the Owners Corporation have agreed to a collective sale of Mascot Towers, nor does it mean that the Owners Corporation are committed to a collective sale of Mascot Towers.

“Per the resolution, the Owners Corporation will explore all options available in relation to a possible sale of Mascot Towers. Those options will be disseminated to all owners.

“Any sale cannot proceed without further resolution, following adequate time for all owners to consider the findings of our sales research,” the spokesperson for Mascot Towers Owners Corporation said.

(ENDS)

Contact Details

Patrick McGuire
Owners Corporation Spokesperson
patrick.mcguire@teammarketplace.com.au
0412 748 161

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