Limelight, a standout Purpose-Built Student Accommodation (PBSA) development by Blacklight Capital Partners (BLCP) reached practical completion in September 2024. The 535-bed luxury asset is now fully operational and offers a wide range of accommodation options, from spacious studios to luxurious penthouse suites, all equipped with high-speed internet access.
The project faced challenges early on when it was acquired by Blacklight out of administration, following the previous developer’s inability to complete the scheme. The original plan, which relied on a fractional ownership model, fell through, but Blacklight stepped in, securing the part-constructed site through a deal brokered by Mazars.
With Blacklight taking full ownership, the development underwent significant enhancements, boosting the Gross Development Value (GDV) to over £60 million. Crucial to this successful outcome was Blacklight’s decision to retain the original subcontractors, ensuring continuity and quality. Importantly, all warranties were either maintained or improved upon, reflecting the project’s elevated standards.
Specialist consultancy Zerum was appointed to manage project and cost management, while J3 Advisory was brought in right after the acquisition to handle the complex task of sourcing and placing replacement latent defects insurance. J3’s involvement extended far beyond the initial insurance placement, providing ongoing after-sales support for latent defect surveys. This bespoke liaison service for high-value projects was a critical component in ensuring the project’s successful completion, minimising potential delays in issuing final certificates—a common challenge in projects of this scale.
The importance of securing timely warranty sign-offs is often underestimated until the final stages of large developments. Delays in gaining approvals from insurers, surveyors, and other stakeholders can result in costly late fees, sometimes amounting to hundreds of thousands of pounds. J3’s proactive approach, led by Managing Director Jack Bristow, ensured that these challenges were effectively mitigated. Bristow highlights, “Our after-sales division works closely with project teams to guarantee the prompt submission of documents and approval from key stakeholders. For developers, especially on large-scale projects like Limelight, this service is crucial to avoid costly delays.”
Blacklight’s Director, Tom Mees, expressed his satisfaction with the outcome, noting, “The successful delivery of Limelight is a testament to the hard work and expertise of our team and our trusted partners, Zerum and J3 Advisory. As a developer focusing on complex projects, having specialists like Zerum and J3 onboard was essential to navigating the challenges we faced. We’re now in a strong position to continue expanding our pipeline in the PBSA and residential rental sectors.”
Russell Wright-Turner, Head of Cost Management at Zerum, echoed these sentiments, commenting, “The completion of Limelight addresses a crucial need for high-quality student accommodation in Liverpool. It’s been a pleasure collaborating with the teams at Blacklight and J3 Advisory, and their collective commitment ensured the successful and timely delivery of this exceptional project.”
