Ringed buyers offered exit option

Posted on September 15, 2013 by | 0 Comments
Neil Moreton one of the people who bought an EVO apartment off the plan only to learn it will be surrounded by east-west link ramps have been given compensation options today. 11th September 2013.Photo by Jason South

Neil Morton is considering the state’s buyout offer. Photo: Jason South

People who bought property off the plan in a Parkville apartment building that is destined to be ringed by east-west link ramps have been given three choices by the Napthine government – sell now, sell within 90 days, or keep the property.

Those who sell to the government will have their property valued by the state at an amount that assumes the east-west link had never been announced, then repaid their deposit, plus any capital appreciation. They can also claim up to $2500 in legal costs.

State Treasurer Michael O’Brien said the state was not legally obliged to compensate purchasers of property in the affected EVO building, but wanted to be fair.

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