Owners are facing potential financial ruin after a series of high profile structural faults were discovered at major Sydney apartment complexes, which comes on top of the widespread use of flammable cladding.
Today, The AFR reports that owners at the newly built 36-storey Opal Tower, which was evacuated on Christmas eve amid severe structural cracking, are “caught in a financial nightmare… presented with a $2 million bill for building insurance, 20 times more than last year’s premium”:
Seven months on, Ivy’s apartment, which is an investment property, is still unoccupied… She has tried to get new tenants but there have been no takers. In the meantime, she is financially destitute…
