Mascot Tower apartment evacuation

Discussion in 'Development' started by np999, 14th Jun, 2019.

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  1. SatayKing

    SatayKing Well-Known Member

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    Absolutely. I feel for those involved. I don't care about whether they did or didn't undertake due diligence, whether they are owners or renters. I feel that's irrelevant.

    Simply people looking for a place to live or to improve their lot. Whatever the reason they have been left out to hang out to dry it would seem. I doubt a number will ever recover from the financial hit.

    Same has happened, and will happen, in Canberra and other places.

    And I wouldn't be holding my breath expecting any form of assistance from local Government aka other tax payers.
     
    SatayKing, 21st Jun, 2019
    #61
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  2. Cimbom

    Cimbom Well-Known Member

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    Just searched on realestate.com.au and it looks like only about 20 since that time - just over 10% of the apartments really.

    I really feel for the ones that forked out almost $1 million for the 2 bedders in 2016. The mind boggles.
     
    Cimbom, 21st Jun, 2019
    #62
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  3. Marg4000

    Marg4000 Well-Known Member

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    You have to feel for the owners.

    $5m+ repair likely, divided by 120(?) owners is $42K each. Many won’t have that money, and certainly won’t be able to borrow it by extending the mortgage.

    Even those who can pay will see the value of their unit dramatically reduced for years to come.

    Some will have no option but to go bankrupt. They can’t sell as no-one will finance a purchaser, even if they could find one. (Current offers are around $100!)
    Marg
     
    Marg4000, 21st Jun, 2019
    #63
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  4. TMNT

    TMNT Well-Known Member

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    I can't imagine most people going throguh 5 years of minutes from meetings, plus being a 7 yr old building, you simply wouldn't expect this scale of problems.

    And isn't this what insurance is for? Is what most people would assume
     
    Last edited: 21st Jun, 2019
    TMNT, 21st Jun, 2019
    #64
  5. Marg4000

    Marg4000 Well-Known Member

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    Sadly, many assume insurance us a “catch-all” that will cover everything.

    It doesn’t. If it did, no-one would be able to afford it.

    When you take out a policy, it is just as important to understand what is NOT covered as well as what is - possibly more so.
    Marg
     
    Marg4000, 21st Jun, 2019
    #65
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  6. Simon Hampel

    Simon Hampel Founder Staff Member

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    Interestingly, it's not just the buildings and the owners/tenants affected by the issues. This building is right next to two of the most important data centres in Sydney.

    Equinix establishes 'precautionary exclusion zone' around Sydney DCs

    Equinix has restricted access to its SY1 and SY2 data centres, which are located next to an apartment building that has been evacuated due to cracking.

    Residents of most apartments at 1-5 Bourke St Mascot were last week told not to enter their properties last week after expert assessment of extensive cracking led to safety fears.

    Engineers do not believe the building is in imminent danger, but have excluded residents as a precaution while remediation takes place.

    And now the incident has impacted Equinix, which has two data centres adjacent to the residential complex as detailed in this video.

    ... read more​

    If the worst case scenario were to happen and the problematic apartment building were to collapse (which seems to be unlikely at this point), then it could possibly affect the Equinix SY2 data centre which is used by a large number of companies for their IT / cloud infrastructure.
     
    Simon Hampel, 21st Jun, 2019
    #66
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  7. Scott No Mates

    Scott No Mates Well-Known Member

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    I await a few insights into some independent engineer's reports on this one, if there were no major defects highlighted in the strata minutes, only minor issues not serious enough to cause the movement of the transfer beams, then it is more likely to be pointing to external factors eg. changes to the water table (can't blame the desal plant for that maybe the drought), excavation in adjoining sites, failure of shoring etc.
     
    Scott No Mates, 21st Jun, 2019
    #67
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  8. Depreciator

    Depreciator Well-Known Member

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    Hang on, you mean all that stuff isn't really in a cloud but in a building in Mascot next to some dodgy flats?
     
    Depreciator, 21st Jun, 2019
    #68
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  9. Simon Hampel

    Simon Hampel Founder Staff Member

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    Oh whoops - I wasn't supposed to mention that! :oops:

    Nothing to see here - move along :cool:
     
    Simon Hampel, 21st Jun, 2019
    #69
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  10. Tattler

    Tattler Well-Known Member

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    Fluffy clouds = Someone else's computer.
     
    Tattler, 21st Jun, 2019
    #70
  11. Scott No Mates

    Scott No Mates Well-Known Member

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    Nothing mentioned about the flats being dodgy.
     
    Scott No Mates, 21st Jun, 2019
    #71
  12. Woodjda

    Woodjda Well-Known Member

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    They say the build quality was poor but I challenge anyone to build a high-rise among the clouds and have it last 10 years.
     
    Woodjda, 21st Jun, 2019
    #72
  13. hammer

    hammer Well-Known Member

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    In my best Monty python "what have the Romans ever done for us" voice.....

    The Empire State building?
     
    hammer, 21st Jun, 2019
    #73
  14. Momentum

    Momentum Well-Known Member

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    Momentum, 21st Jun, 2019
    #74
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  15. Just_A_Name

    Just_A_Name Well-Known Member

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    It is a mess and no a rational soul would near it. The only possible way-out for those who get trapped is team-up, suing every party along the line and hope for the best.
     
    Just_A_Name, 23rd Jun, 2019
    #75
  16. Just_A_Name

    Just_A_Name Well-Known Member

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    The logic is sound. These areas are good for renters who have busy modern lifestyle. It does not make sense as an investment though.
     
    Just_A_Name, 23rd Jun, 2019
    #76
  17. TMNT

    TMNT Well-Known Member

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    TMNT, 24th Jun, 2019
    #77
  18. SatayKing

    SatayKing Well-Known Member

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    I did hear the State Government is prepared to offer some assistance with accommodation for the residents of the Mascot Tower. If so it's some small compensation but assistance with the bigger cost of rectification I don't expect.

    I cannot imagine a Government coming out with an admission past policies and possible lack of any effective oversight in construction could be the result of Government initiatives. The cost of that would be enormous and not just in a financial sense.
     
    SatayKing, 24th Jun, 2019
    #78
  19. berten

    berten Well-Known Member

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    Crikey. Anyone know what gives with all these building issues? Surely structural engineering is a fairly exact science at this point?
     
    berten, 24th Jun, 2019
    #79
  20. Anthony416

    Anthony416 Well-Known Member

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    I do feel for people in this situation, however it appears these serious issues were ignored for years and as such they avoided potentially a minor cost of rectification early to now face a huge problem. Earlier action may have had a better chance of the builder coming to the party before expiry of liability.
    Now the NSW tax payer has to step in when fundamentally it should not be involved.
     
    Anthony416, 24th Jun, 2019
    #80
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