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Off-the-plan buyers burnt

Victorian investors that bought off-the-plan Evo apartments in Parkville on the basis of its Royal Park views are now facing a spaghetti junction of motorway views.

As the settlement date looms, investors are unsuccessfully trying to extricate themselves from their contracts. Investors seeking approval from financiers have been told they probably will not get the money they need for the apartments. They have been told they could lose $100,000 from the value of the $500,000-plus units if the freeway went ahead.

Director of Mortgage Broker Melbourne, Marc Barlow, said residents might be refused loans for the full price of the apartment.

Evo’s developer, Pace Development Group, said it could not say whether buyers would be able to negotiate out of their contracts because it was still in talks with the Linking Melbourne Authority.

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