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<\/a>Flammable Cladding\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Click to Enlarge<\/span><\/p><\/div>\n According to the Cladding Task Force Implementation Team the total cost of cladding removal and rectification of a building will be apportioned to each apartment subject to valuation and in a manner similar to how normal council rates are assessed. The debt will remain with the apartment by way of higher rates until the loan is paid. The task force has identified 380 apartment buildings many of which had the the same product that caused the\u00a0Lacrosse apartment building to catch fire in 2014 and the recent London fire where at least eighty residents had perished in the inferno.\u00a0Information on where these buildings<\/p>\n are located will not be released by the authority but instead have advised that if apartment owners are concerned that their building might contain combustible cladding they should contact their Owners Corporation secretary (previously called Body Corporate) who would have been informed.<\/p>\n London Cladding Inferno Financing the Rectification of the Lacrosse Building will be difficult without undermining apartments resales. It was estimated to cost around $8.6 million in addition to the $6.5 million already spent fixing damage from a fire that tore up the 21 storey, 328 apartment building,\u00a0 in November 2014. When added together this would mean a total loan of at least $15 million dollars could be required which would encumber each apartment with an average annual repayment of more than $500 (inc interest) which could make it harder to sell the property, especially to investors, when the normal rate bill of at least $1000 and owners corporation fees are added.<\/p>\n<\/a>
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