When plans for the development of luxury apartments at the iconic Ormeau Bakery were revealed the great, the good and the wealthy wanted to invest in the property.

In 2007 over 100 apartments at the former 19th century red-brick site in south Belfast were snapped up in a few hours, generating £35m worth of sales — without any advertising.

It was a time when property prices had soared and the bakery was transformed into one of the city’s premier spots to live.

The development was built with a unique courtyard specially designed by celebrity gardener Diarmuid Gavin.

It also included a glass bridge and gym at the complex.

A one-bedroom apartment at The Bakery was selling for £250,000, while two-bed flats cost between £300,000 and £360,000.

Barry Gilligan, director of Big Picture Developments, said at the time: “We only intended to release 50 apartments in the first phase but due to the very strong demand we released over 100.”

Among the wealthy people attracted to owning a property there was millionaire developer Michael Taggart — an award winning businessman.

But after buyers had begun the process of signing contracts the bottom quickly fell out of the market and plummeting property prices led to them experiencing major difficulties.

Buyers were left having to face the possibility of paying prices agreed at the peak of the market for properties which were worth 30%-40% less — leaving them facing a serious negative equity problem.

Some couldn’t get mortgages to cover the original cost of their dream home, resulting in people facing the possibility of losing big deposits or a claim for the total cost. Developers, however, wanted buyers to finalise the uncompleted contracts.

A deadlock ensued and has now led to civil proceedings amongst a number of homebuyers being initiated in the High Court.