MORE than 20 people who bought flats at Sheffield’s 32-storey City Lofts Tower have started legal action against the developers - claiming the company strayed from its original plans, leading to a devaluation in their properties.
But City Lofts said the loss in value of properties is due to market conditions.
Buyers taking legal action have formed St Paul’s Tower Action Group.
Among those taking action are Peter and Valerie Harpham, who signed a contract to purchase a penthouse at the tower City Lofts for £337,000.
They claim the apartment has ‘changed significantly’ from the original plan and an independent valuation found it was worth £160,000.
Solicitors representing St Paul’s Tower Action Group are trying to reach an agreement with the developers.
A City Lofts spokesman said: “The vast majority of buyers have been more than happy with their apartments and the quality of build and design.
“People who bought prior to the financial crisis have sadly, like many other individuals and companies across the country, seen a fall in previous values.
“But St Paul’s is an iconic landmark. It is attracting significant interest from home owners and investors who recognise that it offers excellent potential for future growth.”