PROPERTY developer Third.i has introduced latent defects insurance (LDI) at its Dairy Farmers Towers project in Newcastle’s West End, marking the first project in Newcastle with the protection.
Dairy Farmers Towers will deliver over 180 luxury one, two and three-bedroom apartments that will boast some of the largest in the market complete with 180-degree north-facing views to the city.
LDI safeguards against structural and construction defects for up to 10 years, meaning unforeseen issues can be addressed without major financial burden, offering developers financial protection and offering buyers confidence in their purchase.
Developers who implement LDI must adhere to high construction standards, comply with regulations, conduct thorough risk assessments and maintain financial stability to mitigate potential financial risks associated with latent defects.
“We take immense pride in our Dairy Farmers Towers project and the high standards we’ve upheld every step of the way. Our LDI insurance reflects our dedication to assuring our buyers that we stand behind the quality and durability of our work,” said Luke Berry, co-founder of Third.i.
Almost 80% of the project has already sold since its launch to market. The project will feature on-site amenities that include communal green spaces, gym, an elevated north-facing outdoor swimming pool and sundeck, a wine bar and cellar, and residents’ only shared work hub.
Dairy Farmers Towers will include 10 SDA apartments.
In response to demand, Third.i has added nine additional apartments to the project. One, two and three-bedroom apartments are still up for grabs. Remaining apartments range from $595,000 to $2,950,000.
Dairy Farmers Towers is set to complete construction in mid 2026, with construction company Decode appointed to deliver the project.
As an ode to Newcastle’s history, the project will re-imagine the site’s heritage listed glass milk bottle and clock towers as part of a pedestrianised, broader public art installation.
Builder defects policies are still in their infancy in Australia. They were developed in response to the Mascot Towers and Opal Towers episodes in Sydney, which saw thousands of residents displaced from their homes after the discovery of structural defects. A subsequent review recommended an overhaul of the construction industry, while the Mascot Towers Owners Corporation told the NSW government inquiry into the regulation of building standards, quality and disputes in 2019 that buyers have more consumer protection buying a $1,000 television than a multimillion-dollar apartment.