Mascot Towers owners finally free to move on

The NSW Labor Government charged Building Commissioner David Chandler with bringing the Mascot Towers debacle to an end, culminating in a deal last month to settle with more than 100 lot owners.

From 30 June, financial support initiated as "emergency payments" more than five years ago ends for impacted owners.

The initial Mascot Towers assistance package, launched in 2019 by the previous government, included payments of up to $400 per night to help cover the cost of what was then called 'temporary' accommodation.

In addition, the Mascot Towers owner investor package approved in July 2022 and back dated from June 2019 offered up to $1,000 per week to help cover the cost of lost rental income.

Since the evacuation of Mascot Towers five years ago, the two assistance packages have paid out $24.52 million to impacted residents, owners, and investors in need.

After the 2023 election, the NSW Government tasked Building Commissioner David Chandler with finalising the Mascot Towers saga to give owners closure.

In May 2024, a deal was settled with 123 lot owners to sell their properties and free themselves of Mascot Towers related debt.

Under the terms of the deal owners also received the sale price of their unit and their share of around $8.2 million in means tested support from the Minns Labor Government to let them resolve Mascot Towers related debts and move on.

The 18 eligible owners who opted not to sell will now work with the private consortium and Bayside City Council on the future of the building.

Minister for Building Anoulack Chanthivong said:

"This closes the book on one of the darkest chapters in building in this state.

"Every cent of support spent to help keep owners afloat was worth it but in the future bad builders should pay these costs, not the taxpayer.

"The NSW Minns Labor Government is working every day to lift standards in the building sector and reduce the risks of another Mascot Towers.

"I want to thank Building Commissioner David Chandler for his work to resolve the Mascot Towers situation."