Residents of Sydney’s damaged Mascot Towers have reached an out-of-court settlement with the developer of the building next door they allege caused catastrophic damage to their homes.
The confidential settlement with Aland Developments has been reached three years after the residents were forced to evacuate due to serious structural cracks in the south Sydney building.
The owners’ corporation is now seeking a separate application to dissolve the strata scheme, paving the way for the building to be sold in one line as a development site.
“The owners of Mascot Towers have been through enormous emotional and financial strain since the evacuation,” said Scott Higgins, a partner at Mills Oakley law firm, who represented the owners’ corporation in its NSW Supreme Court negligence claim.
“They have ongoing strata levies that they can’t avoid and yet they can’t move back in or sell their units until all the rectification works have been done. They all just want to get on with their lives and put it all in their rearview mirror,” Higgins said.
As the Mascot Towers owners count their losses, Aland’s founder Andrew Hrsto, has made a significant home settlement of his own, paying $19.5 million for a Vaucluse trophy home with uninterrupted views to the Harbour Bridge.
Hrsto’s new five-bedroom home is set on less than 600 square metres on one of Vaucluse’s best streets, and two doors from the La Mer mansion that billionaire James Packer sold for $70 million in 2015 to Chinese-Australian billionaire Chau Chak Wing.
Hrsto is also undertaking the restoration of a dilapidated Federation estate in Burwood, called Verona, bought at auction a year ago for $6.6 million.