J3 Advisory has been appointed by Limehouse Equity to place structural warranty insurance on a new £17 East London residential scheme
The structural warranty insurance provided by J3 Advisory for the East London residential scheme will provide cover for damage as a result of defective design, workmanship, or materials.
The proposed development includes a range of single and two-storey post-war buildings and warehouses that were last used as retail and storage space.
The mixed-use scheme would contribute to the regeneration of the area, and provide a significant opportunity to enhance the derelict site by bringing back commercial units and providing an active frontage along Commercial Road.
Johnny Leadsom, co-founder and director of J3 is managing the case. He commented: “It’s 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.”
Structural warranty provider Build Zone is providing cover for the project
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.”
Providing much-needed homes for local people
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 new build 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.”
Limehouse Equity commenced construction enablement works on the East London residential scheme earlier this year, with completion expected in May 2023.
