First project in Newcastle introduces Latent Defects Insurance

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 this innovative protection.

Dairy Farmers Towers marks the rebirth of one of Newcastle’s most iconic locations, delivering over 180 luxury one, two, and three-bedroom apartments that will boast some of the best views of the city.

As the first developer in Newcastle to implement LDI, Third.i is providing buyers with a unique opportunity for long-term security. 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 instilling buyers with 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.

"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 Decode construction manager Jack Peschardt.

"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% of the project has already sold since its launch to market. 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.

With a limited supply of apartments remaining, a collection of spacious one, two and three- bedroom apartments are still up for grabs. Remaining apartments range from $595,000 to $2,950,000.

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