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30/04/2010

Developer Sues Custom House Square Buyers

Another property development firm has begun legal action in an effort to force customers to complete the purchase of apartments in Belfast.

According to the BBC, Abey Developments is taking the action against people who have failed to complete the purchase of flats at Custom House Square, with several cases being mentioned at the Belfast High Court today (Friday).

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The company is controlled by developers Paddy McKillen and Padraig Drayne.

Several Northern Ireland firms, including Big Picture Developments, who developed the Ormeau Bakery apartments and Harcourt who are developing the Arc buildings in the Titanic Quarter, have already taken similar action.

Work on these developments began at the peak of the housing boom. However, the crash in property prices has seen the original agreed value of the apartments plummet.

Most of the cases that have come before the courts have so far been settled in favour of the developer.

(NS/BMcC)

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