Apartment buyers must pay up over failed sales
Buyers who failed to complete on seven new apartments in a Belfast complex have been ordered to pay damages of more than £430,000 in total.
Awards were made at the High Court in favour of Fernhill Properties (NI) Ltd in cases brought against purchasers at the College Court Central development.
The level of damages includes each of the flats' drop in market value and interest built up from the original completion date.
One of six defendants in the case was contracted to buy two apartments and must now find £135,000 to resolve the action against him.
The firm sought the alternative resolution after earlier court orders for specific performance were not complied with.
A Master sitting at the High Court has now agreed to the claim for damages in each case.
A further element of the pay-outs involved wasted expenditure such as insurance, service charges and janitorial costs.