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A Teesside offshore worker who lost £50,000 on an apartment in Middlesbrough's condemned CIAC building says the development was a "dream mis-sold to ordinary folk".

Part-tiime landlord Vincent Swan says he will "always be bitter" about his property nightmare, which he nicknamed the "white elephant" - but given the plight faced by current leaseholders, he counts himself among the lucky ones.

The fire brigade says fashionable wooden cladding covering the Community in a Cube tower block must be stripped off, among safety measures brought in post-Grenfell .

Leaseholders of the waterfront apartments have been told they must find the cash for safety measures, which could potentially run into MILLIONS.

(Image: Katie Lunn)

The fiasco has left some residents fearful of bankruptcy, claiming they are trapped living in homes that are 'worthless' and unsaleable.

Vincent sold his two-bed waterfront flat at a massive loss in 2017.

He said: "We were mis-sold a dream, a lovely marina, a pub at the base of the property, nine other apartment blocks, casino, restaurants, a proper community.

"I feel very bitter about it.

"I worked at Middlesbrough dock, they were starting to put in the works for the drainage as far back as the 90s.

"It has gone on for a long time.

"But it just hasn't materialised.

"The design should never have been accepted."

The 65-year-old bought into the masterplan for Middlehaven in 2010, snapping up a two-bedroom apartment with waterfront views for £122,500.

"You could buy three properties in Middlesbrough for that now," he says, "but we were going to get this fabulous, sustainable living.

"I was out in Braziil at the time and looking to invest.

"I was thinking of buying in Spain.

"But I put £12,000 down on an apartment at CIAC.

"It looked fabulous, facing the dock on the seventh floor. "

(Image: Gazette)

After a string of tenants, rising service charges on the property and falling rental values things went "from bad to worse".

He started to realise there were issues with timber cladding.

Eventually he cut his losses, selling up in 2017 for £75,000.

"They couldn't sell them for love nor money, because nobody could get a mortgage.

"I thought 'I'll never, ever get back what I paid for it, it's gone'.

(Image: Gazette)

"So I sold up and bought a house in Thornaby.

"I will always be bitter.

"I could go buy another house for what I lost on that."

But Vincent claims that he's still in a "far better place" than the current leaseholders .

The building's freeholder, E&J Estates, has said while it has "great sympathy" for residents and will try to find an "effective solution", responsibility for costs "falls to leaseholders under the terms of the lease".

Vincent added: "One of the residents said 'you got off lightly' and she has a point.

"I couldn't argue with her.

"At least I got out of it.

"I'm getting some money back in now.

"I've no doubt I did the right thing."