From Watermark to landmark May 12, 2010
For Land Equity Group Managing Director Donald Stott, the Watermark is a once in a lifetime project that has been 14 years in the making. With demolition now complete, his vision for a residential building that stands apart from the morass of inner-city developments is finally becoming a reality.
Despite the international credit crunch and increased caution among financial institutions, buyer enquiry for both the luxury residences and five-star boutique hotel rooms has been strong. Well-to-do buyers, Donald says, are less affected by market turbulence.
"Quality real estate has always been the best investment. It's about location, the quality of the building and the strength of your return."
Indeed quality, says The Building Intelligence Group project manager on the job Martin Hubbard, is the number one focus of this project.
"It's about genuine depth of quality, rather than glitz or bling," Martin explains.
"Land Equity Group's vision is for lasting true quality, and ensuring value. For our part, we have ensured value is inserted at every stage of the process. We are committed to working with LEG to ensure The Watermark becomes a lasting legacy for Wellington," Martin says.
The worldwide credit squeeze and demands of emerging economies has seen project finance and major commodity costs spiral upwards, but The Building Intelligence Group have risen to the challenge, engaging their passion for value outcomes.
"Through intense collaboration with the project design and delivery team, we have maintained a cap on construction costs, while still providing certainty of delivery to the high quality expectations of LEG and the residence purchasers," Martin says.
The Building Intelligence Group and Rider Levett Bucknall have led the core design team of Studio of Pacific Architecture, Silvester Clark and BECA through a wide ranging and innovative review of the design, construction and procurement methodologies to deliver the crucial cost-quality balance required for The Watermark.
Completion is scheduled for early 2011.