The development has proved popular with local house hunters who were more than happy to part with their cash in a bid to secure a home in the scheme's first release.

Publicity about the Ormeau Road scheme, which is being built on the historic south Belfast site of the former bakery, generated huge interest among prospective homeowners, thousands of whom registered their interest over a year ago.

And the owners, Big Picture Developments, were able to sell the prestigious homes with no advertising.

The bakery, which first opened as Ormeau Bakery in 1890 to produce Ormo bread, has been transformed into one of the city's premier schemes. With its 157 spacious, high-quality loft-style apartments, all with car parking and many with features such as high ceilings, it proved to be highly desirable.

A one-bedroom apartment at The Bakery ranges in size from 550 to 650sq ft, selling for £250,000, while two-bed flats (800 to 1,000sq ft) cost between £300,000 and £360,000 for the lucky few who got in on time.

The development also features a unique courtyard specially designed by celebrity gardener Diarmuid Gavin. There is also a glass bridge and gym at the complex.

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

Mr Gilligan said development of the former bakery was carried out in a sympathetic way in a bid to retain much of its original character.

"Although the building did not have listed status, we have treated it as such and have carefully and sympathetically retained the exterior while adapting the interior to meet the requirements of modern living," he added.

Meanwhile, Belfast-based architects Robinson Patterson Partnership retained or restored many of the building's original features, including the cantilevered staircase, the terrazzo tiles entrance and landmark exterior clock as part of their redesign.

And The Bakery will have a large number of owner-occupiers. Thomas O'Doherty, associate at selling agent Eric Cairns Partnership, said: " We've had huge interest in this scheme from both home buyers and investors, but Big Picture Developers wanted to ensure that homeowners were given priority to buy into the development."

Buyers have also agreed not to sell their property within the first 18 months to ensure the scheme develops as a community as well as a good investment.

Mr O'Doherty said: "Overall, the success of The Bakery highlights the ongoing confidence in the residential market."