Blacklight Capital Partners reaches a construction milestone, practically completing its Limelight PBSA development in Liverpool.
The company 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 £60m.
“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.”
Tom Mees, Director, Blacklight
To ensure continuity and quality of the Limelight project, Blacklight maintained the original subcontractors, with all warranties either maintained or enhanced.
Project Management and Cost Management consultancy – Zerum – was appointed to oversee these aspects of the project.
J3 Advisory were also appointed immediately on Blacklight’s acquisition of the site to source and place the replacement latent defects insurance cover for the project, and to provide an after-sales service for latent defect surveys.
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 signoffs 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, so Blacklight’s partnership with Zerum and J3 supported its smooth journey to practically completing the Limelight development.
“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.”
Jack Bristow, Managing Director, J3
Now completed, the luxury city centre PBSA scheme offers an unparalleled student living experience, moments away from Liverpool’s vibrant city centre.
The 535-bedroom Limelight scheme boasts a variety of room styles – from spacious studios to penthouse suites, all equipped with high-speed internet access points.
Amenities include 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.
It has been fully open for the start of the September 2024 academic year.
“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 and J3 teams and underscores the commitment and collaborative efforts of the construction, design and insurance teams in delivering this intricate new building in a timely manner.”
Russell Wright-Turner, Head of Zerum’s Cost Management division
