Limehouse Equity appointed J3 Advisory to place structural warranty insurance on a £17m residential scheme in East London. The structural warranty insurance will provide cover for damage as a result of defective design, workmanship or materials.
The proposed development comprises a number of single and two-storey post-war buildings and warehouses that were last used as retail and storage space. The project also includes 29% affordable housing. The mixed-use scheme would contribute to the area’s broader regeneration and provide a significant opportunity to enhance the derelict site by bringing back commercial units and providing an active frontage along Commercial Road.
Limehouse Equity commenced construction enablement works earlier this year, with completion expected in May 2023.
The case is being managed by Johnny Leadsom, co-founder and director of J3 and he has been working closely with Paul Carne, director of Karrada the main contractor on the scheme. Johnny said: “Its always great to work on such interesting schemes in London, especially one that is so close to where I live. Paul as well as Phillip Jemmision, director at WT Partnership have been a pleasure to work with and I’m looking forward to watching the development take shape.
“Choosing the right insurance policy has become more difficult recently. The increasing number of providers in the latent defects insurance market has resulted in developers being inundated with various proposals from providers offering their services. As a result, the need for unconflicted, truly independent advice has become essential and working with the client, we will find the most appropriate solution for their development.”
The cover is being provided by structural warranty provider, Build Zone. Johnny further added: “I should also say a huge thank-you to Chloe Breslin and Joe Gooden at Build Zone who helped us overcome a few challenges and amendments while getting this policy into contract.”
Paul Carne, Director of the main contractor, Karrada added: “We are proud to be able to breathe new life into the site with brand new, quality homes and that we are providing much-needed homes for local people. Having Johnny on hand to procure the appropriate warranty that satisfied our own requirements and that of our RP partner was vital. There’s often a variety of opinions around what warranty should be put in place from our various stakeholders, so being able to rely on J3 and Johnny to talk through the merits and shortcomings of each option, specifically related to our reality, offers everyone huge peace of mind and allows us to push on.”
Property & Development Magazine | The Home of Residential Sector News