Are you Golden Thread ready?
The publication of the Building Safety Bill, this week, marked, what SAY hope will be an important step to ensuring the safety of residents in apartment blocks. The Building Safety Bill targets two transformational and interlinked areas; prioritising the residents’ voice and The Golden Thread. The latter is the digitally recorded details of a building’s design intent, construction and amendments passed from the duty holder in the design and construction phases to the responsible person during occupation.
If done right, it presents an opportunity for the construction industry to demonstrate its commitment to structural safety and to repair its reputation with some residents, following the well-publicised allegations of new build shortcomings.
Likely to become law in August 2023, SAY expect it will be an important consideration to a) prospective residents (renters and purchasers) and b) their professional ecosystem of advisors (lenders, insurers, agents and conveyancing solicitors). However, without a cultural change today, it’s likely that unprepared schemes will experience delays to achieving practical completion, financial ramifications, difficulty obtaining insurance and further reputational damage.
At SAY, we are helping our forward-thinking clients to proactively prepare for the implementation of the Bill. We are mitigating against the non-compliance risk by designing in the delivery of an effective Golden Thread today. We encourage others to not delay and to follow suit.
We have a solid understanding of PropTech platforms in the market, resolving operational gaps and how landlord-developers can optimise people and data to deliver a digital golden thread. So, if you are wondering where to start on your Golden Thread journey, do get in touch. We would be very happy to share our technical insights; creating an easy-to-understand roadmap to get you Golden Thread ready.
We are an award-winning multi-disciplinary advisory business. As asset management experts, we champion the best our sector has to offer, are dedicated to improving outcomes for residents and are obsessively focussed on delivering sustainably safe communities.