Barry Gilligan 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 old 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.
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During yesterdays 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)
