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12/01/2010
Ruling On Belfast Apartment Test Case
The High Court in Belfast has ruled in favour of a local property developer in the first 'test case' against buyers over new apartments.
Barry Gilligan (pictured) began legal proceedings against 20 people who had booked homes at the Bakery development in the south of the city, but failed to complete the sale.
As a result of the economic downturn, the apartments – build on the site of the historic Ormeau Bakery – are now worth a lot less than when they were first released by Mr Gilligan's property company, Big Picture Developments, in the summer of 2007.
During yesterday's brief High Court hearing, Mr Gilligan – who is also the chairman of the Northern Ireland Policing Board - was granted an order of "specific performance", which is an injunction that makes the buyer perform his or her part of the contract and complete the purchase agreement, by consent of both parties.
Some commentators have speculated that the outcome may influence other buyers who are still in the process of contesting their cases.
The luxury Ormeau Road development includes 157 apartments, a gym and a private courtyard designed by TV gardener Diarmuid Gavin.
(NS/GK)
Barry Gilligan (pictured) began legal proceedings against 20 people who had booked homes at the Bakery development in the south of the city, but failed to complete the sale.
As a result of the economic downturn, the apartments – build on the site of the historic Ormeau Bakery – are now worth a lot less than when they were first released by Mr Gilligan's property company, Big Picture Developments, in the summer of 2007.
During yesterday's brief High Court hearing, Mr Gilligan – who is also the chairman of the Northern Ireland Policing Board - was granted an order of "specific performance", which is an injunction that makes the buyer perform his or her part of the contract and complete the purchase agreement, by consent of both parties.
Some commentators have speculated that the outcome may influence other buyers who are still in the process of contesting their cases.
The luxury Ormeau Road development includes 157 apartments, a gym and a private courtyard designed by TV gardener Diarmuid Gavin.
(NS/GK)
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The Belfast High Court has dismissed a case taken against a property company by a buyer seeking to reclaim the deposit he had put down on an apartment. The verdict came down on the side of Big Picture Developments, the company behind the Bakery apartments on the Ormeau road in the south of the city.
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The Belfast High Court has dismissed a case taken against a property company by a buyer seeking to reclaim the deposit he had put down on an apartment. The verdict came down on the side of Big Picture Developments, the company behind the Bakery apartments on the Ormeau road in the south of the city.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
