Yahoo Finance Opal Tower apartment landlords will be reimbursed for rental losses
Opal Tower apartment owners and investors will be compensated for apartments left empty since the building was first evacuated on Christmas Eve.
Compensation will cover losses until the remediation works on the building are complete.
According to the AFR, Opal Tower builder Icon has agreed to pay rent to landlords on units that either can’t be occupied or tenants have fled from.
Residents of the newly constructed 36-level Olympic park building were horrified to hear cracking noises and evacuated on Christmas Eve due to cracks in the walls.
The debacle saw apartment prices nose-dive across the nation, and also sent the prices of nearby apartments plummeting.
An independent investigation into the matter revealed inferior building materials and structural as well as design issues were to blame.
Icon’s parent company Kajima Corporation has also extended the warranty on the tower defects from six years to 20 years, according to the AFR.
Remediation works on the building is reported to continue for another 13 weeks, or roughly four months, and manage noise and vibration with Acoustic Logic.
Angry Opal Tower owners and investors have banded together to pursue at least one class action against Icon.
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