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More buyers facing court over failure to complete

Would-be buyers at another Belfast apartment complex are being brought to court over their failure to complete on contracts agreed during boom-time.

People who contracted to buy flats at Custom House Square are being pursued through the High Court by development company Abey Developments. A number of the cases were|mentioned at the High Court yesterday.

Buyers are failing to complete on new complexes such as Custom House Square because mortgage companies are now valuing apartments at prices up to 30% lower than those buyers agreed to pay before the property crash.

Abey Developments is run by developers Paddy McKillen and Padraig Drayne.

Mr McKillen, from Belfast, is a well-known figure in the Dublin property market. According to the Sunday Times Rich List, he gained £18m from the sale of the Champion Sports chain.

Padraig Drayne is from Donaghmore in Co Tyrone. His property interests include office developments in Belfast’s waterfront area.

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