Two 22-storey apartment high rises in Parramatta, known as Imperial Towers, were nearing completion when government inspectors issued a prohibition order in mid-2021, after finding "serious defects" in the structure, waterproofing and fire safety systems.
However, it was unable to force buyers to settle on their apartments with the prohibition order in place. All existing contracts would be rescinded, deposits returned, and the apartments could not be sold again for 10 years — which is the statutory warranty period."It's quite radical," NSW Building Commissioner David Chandler said.
"Converting the property to a build-to-rent asset helps to address the current housing shortage in NSW by providing further residential rental accommodation in Parramatta, which has a rental market has a vacancy of 1.0 per cent," the spokesperson said.