J3 & Zerum were appointed for operational support after the part-constructed site was acquired out of administration
Blacklight Capital Partners successfully secured the early-stage, part-constructed site after being chosen as the preferred bidder by administrator Mazars, following the previous developer’s inability to execute the scheme under a fractional ownership model.
Following Blacklight’s assumption of full ownership, significant improvements were implemented, resulting in a notable increase in Limelight’s Gross Development Value (GDV) to in excess of £60 million.
Blacklight maintained the original subcontractors, ensuring continuity and quality, with all warranties either maintained or enhanced. Zerum, a specialist Project Management and Cost Management consultancy were appointed to oversee these aspects of the project while J3 Advisory were appointed immediately on Blacklight’s acquisition of the site, not just to source and place the replacement latent defects insurance cover for the project but also provide after-sales service for latent defect surveys.
J3 guarantees timely insurance sign-off for warranty certificates
J3’s unique liaison service for high value projects ensures that any potential delays in the issuance of final certificates are minimised, guaranteeing timely insurance sign-off at project completion.
The complexity of obtaining sign-offs from key stakeholders for warranty certificates is often overlooked until the final stages of large projects. Delays in securing approvals from insurers, surveying teams, and clients can lead to substantial late fees from lenders, amounting to hundreds of thousands of pounds. These delays can be costly setbacks for developers.
J3 Managing Director, Jack Bristow added: “The J3 after-sales division is dedicated to proactive collaboration with project teams, ensuring the prompt submission of documents and insurer stakeholder approvals.
“This approach effectively minimises last minute challenges and eliminates costly delays. In our experience, developers on large-scale projects should certainly prioritise and actively pursue this service, as indeed was the case with Blacklight.”
Tom Mees, Director at Blacklight, expressed, “We’re immensely proud of the successful delivery of the Limelight project, and a special mention goes to the outstanding teams at Zerum and J3 Advisory.
“As a special situations investor/developer, we excel in navigating complex projects like Limelight and this is in part due to our strategic partnerships with specialists such as Zerum and J3 Advisory, ensuring a smooth journey to practical completion.
“We are well-funded to bring forward an active proprietary development pipeline in the PBSA and residential rental sectors and will additionally continue to collaborate with investors facing challenges in their current projects, a trend increasingly prevalent in the current economic climate.”
Russell Wright-Turner, Head of Zerum’s Cost Management division added, ‘The practical completion of Limelight marks a significant milestone in addressing the needs of student accommodation in the city.
“It was a pleasure working with the BLCP & J3 teams and underscores the commitment and collaborative efforts of the construction, design & insurance teams in delivering this intricate new building in a timely manner.”
Liverpool Limelight promises a premium student living experience
Blacklight’s, ‘Limelight’, a luxury city centre PBSA asset offers an unparalleled student living experience, just moments away from Liverpool’s vibrant city centre. The 535-bed property boasts a variety of room styles, from spacious studios to penthouse suites, all equipped with high-speed internet access points.
Residents will enjoy exclusive access to communal spaces including a lounge, games room, cinema, and karaoke space, as well as a Sky Lounge with panoramic city views and a state-of-the-art gym. With convenient access to Liverpool’s major universities and transportation hubs, Limelight promises a premium student living experience and has been fully open for the beginning of the September 2024 academic year.
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