Third.i to protect apartment buyers at Newcastle's Dairy Farmers Towers with leading 10-year Latent Defects Insurance
Residential developer Third.i is the latest to provide its buyers with the most comprehensive insurance policy in the off the plan apartment market.
They've taken out Latent Defects Insurance (LDI) from Resilience Insurance, a first-party insurance that safeguards against structural and construction defects for up to 10 years, meaning unforeseen issues can be addressed without major financial burden.
The policy offers both developers financial protection and instills buyers with confidence in their purchase. Dairy Farmers is the first development in Newcastle to have the insurance.
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.
"Introducing Latent Defects Insurance is a testament to our commitment at Third.i to building homes and spaces that offer our buyers lasting peace of mind and ensures they feel confident in their investment,” said Luke Berry, Co-Founder of Third.i.
“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. As we eagerly anticipate its completion, we're thrilled to see this project come to life, creating homes that families can trust and enjoy for generations to come."
Dairy Farmers Towers is set to complete construction in mid-2026, with multi-award-winning construction company Decode appointed to deliver the project.
“We’re excited to be working with Third.i on this project in the heart of Newcastle’s West End," said said Jack
Peschardt, Construction Manager at Decode.
"This development represents a significant milestone for the area and reflects our shared commitment to contributing to the growth and vibrancy of the community."
Almost 80 per cent of the 180 one, two and three-bedroom apartments have sold. The project will encompass a range of deluxe on-site amenities, including communal green spaces, a state-of-the-art gym, an elevated north-facing outdoor swimming pool and sundeck, a wine bar and cellar, as well as an exclusive residents’ only shared work hub.
Remaining apartments range from $595,000 to $2,695,000.
In addition, as an ode to Newcastle's history, the project will also re-imagine the heritage-listed, iconic glass milk bottle and clock towers as part of a pedestrianised, broader public art installation.
