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| Version 1 | Version 2 |
|---|---|
| Developer sues prospective buyers | Developer sues prospective buyers |
| (10 minutes later) | |
| A property development firm is taking legal action against prospective buyers whom it claims signed contracts for apartments but failed to meet the deadline to complete the deal. | A property development firm is taking legal action against prospective buyers whom it claims signed contracts for apartments but failed to meet the deadline to complete the deal. |
| PBN Property Limited's action centres on the Woodlands Manor development at Stockman's Way in south Belfast. | PBN Property Limited's action centres on the Woodlands Manor development at Stockman's Way in south Belfast. |
| Two cases are listed for review at the High Court. | Two cases are listed for review at the High Court. |
| It is also understood the firm has initiated legal action against another 10 one-time potential buyers. | It is also understood the firm has initiated legal action against another 10 one-time potential buyers. |
| The developer alleges they breached contracts of sale by failing to complete on their purchases. | The developer alleges they breached contracts of sale by failing to complete on their purchases. |
| According to the company's website over 95% of the properties in the apartment development were booked off plan. | |
| Since the peak of the housing boom in spring 2007 when work on many new homes began, property prices have plummeted by about 30%, making them worth much less than the original selling price. | Since the peak of the housing boom in spring 2007 when work on many new homes began, property prices have plummeted by about 30%, making them worth much less than the original selling price. |
| Writs have also been served against buyers of luxury apartments at the Ormeau Bakery development in south Belfast. | Writs have also been served against buyers of luxury apartments at the Ormeau Bakery development in south Belfast. |
| The Ormeau Bakery development has been completed recently | The Ormeau Bakery development has been completed recently |
| The company behind the scheme is Big Picture Developments. | The company behind the scheme is Big Picture Developments. |
| One potential buyer, Dr Robin Davidson, said the legal action was a major shock for him. | One potential buyer, Dr Robin Davidson, said the legal action was a major shock for him. |
| "People are left in a very difficult position - they signed a pretty watertight contract two and a half years ago," he said. | "People are left in a very difficult position - they signed a pretty watertight contract two and a half years ago," he said. |
| "They were not to know what would subsequently happen and now find themselves in a position of great difficulty in getting a mortgage or not getting one at all." | "They were not to know what would subsequently happen and now find themselves in a position of great difficulty in getting a mortgage or not getting one at all." |
| A spokesman for the Ormeau Bakery development said they had honoured their commitments and no further action would be taken if their contracted purchasers did the same. | A spokesman for the Ormeau Bakery development said they had honoured their commitments and no further action would be taken if their contracted purchasers did the same. |