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The Watermark Project Update - October 2008.
After seven years, and thanks to the experience and skill of hundreds of people, Land Equity is excited to be in the final stages of commencing the largest private development ever undertaken in Wellington’s history. Even in today’s financial climate, The Watermark continues to buck market trends and prove that absolute quality stands above economic ebbs and flows. We have a media release scheduled for later this week, but would like to take the opportunity to update you on some of The Watermark’s recent milestones prior to this; wow it’s been a busy few months! · Land Equity has secured its primary bank funding of $125 million. In what can only be described as a turbulent financial market, this is a considerable achievement. Confirmation of this primary funding also significantly assists us in securing the second mortgage facility. · Suzanne Price has been appointed as Development Manager for The Watermark. As the project heads towards construction, Suzanne’s depth of experience in the development sector will be invaluable. After working with Suzanne on a number of major developments in the past, Terry May and myself welcome her to The Watermark team. · Detailed design for the main components of the project was completed on 29 September 2008. The balance of the detailed design, including the hotel fit-out, is due to be completed in the new year. · Hawkins Construction Limited (Hawkins) has been appointed as the preferred contractor. Hawkins has worked closely alongside Land Equity and the design team over the past several months, and will provide significant input throughout the remainder of the design process. Hawkins went to tender 1 October 2008 for the major sub-trades, and construction is scheduled to commence 13 November 2008. · Negotiations with the Bolton in regards to the Hotel Management Agreement are also well underway, and these are anticipated to be finalised shortly. Another exciting hotel update is Rex Morgan’s recent research trip to Argentina. Rex tells us a bit more about what he has in store for The Watermark in the purchaser profiles that follow. In Summary:
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