‘Sunset clawback’ court case on Short Lane Apartments in Surry Hills ends in confidential cash payment
SEP 12, 2017
A landmark court case under new “sunset clawback” laws designed to prevent new apartment developers unfairly tearing up sales contracts so they can make more money on delayed property sales has ended in a financial settlement.
The NSW Supreme Court case finished on Tuesday, only a day and a half into its scheduled five days, with the 11 buyers of off-the-plan units at a Surry Hills block understood to have been offered a confidential cash sum in addition to the refund of their deposits.
Lawyer Brett Gilbert, who’d been representing many of the unit-buyers, said had new laws that forced developers to take action against buyers, rather than vice versa, not been brought in at the end of 2015 they might never have seen such a result.