Buyers who snapped up homes in Belfast's Bakery development on the Ormeau Road claim they have been threatened with legal action.
Some buyers who snapped up a luxury apartment in the upper crust scheme of 156 flats at the height of the boom could face court action if they don’t want to hand over the dough.
Buyers who paid a premium in 2007, £300,000 plus in some cases, say they have been threatened with action following the property price crash which has seen prices plummet by up to 40%.
The homeowners are angry that they must honour the premium price despite falling house values.
A spokesman for Big Picture Developments said: “We feel we have delivered a first class product and kept to our side of the bargain contractually and we expect our purchasers to do the same.”
The Belfast Telegraph got a sneak peek of the prestigious development which has a housing mix of one and two-bedroom apartments complete with Diarmuid Gavin-designed garden and gym.
It was launched in a blaze of publicity in 2006/7 and it has just emerged there are no plans to release any of the remaining unsold homes at this time.
One hundred of the plush homes, which include duplexes and penthouses with panoramic city views, have been sold to date, according to the selling agent BTW Cairns.
Despite the high prices once commanded, they are now unspecified, with no homes there available for sale.
Thomas O’Doherty, of BTW Cairns, said of The Bakery: “The developers wanted to raise the bar in
terms of new schemes with bigger, high spec apartments and Diarmuid Gavin-designed courtyard garden. We are confident The Bakery will become a Belfast landmark.”
He added, however, that there will not be another release until at least next year.
The apartments range in size from 550sq ft-1,000 sq ft with 75% of The Bakery devoted to two-bedroom flats and 25% for one-bed homes. All the properties have hardwood floors, fully equipped kitchens, modern bathrooms and en suites and tiling with a specially commissioned Ulster Weaver’s carpet to communal areas, high tech security system and glazed lifts from which to see the gardens.