The feasibility process indicated a cost of $20 million for a new build based on the conceptual plans.
The consideration around this facility was its longevity, its ability to attract and retain tourists and professional acts, its ability to fill gaps in the modern commercial environment, its ability to stimulate like investment in the district, and ultimately its ability to deliver on what was requested through the community consultation process, all of which these were a part of.
The required footprint to encompass the end goal is approximately 3100 square metres, which is a sizable build. We wanted to ensure that when the facility is delivered to the community, it was not only fit for purpose but to a standard that would see it minimising the financial impact to the community over the lifetime of the facility.
The detailed design stage is now completed, which includes the architectural detailed plans, interior design works, structural and foundation designs, heating, fire, electrical and plumbing fit-outs, landscaping and civil works, and consents.
The Trust are pleased to have entered into a construction contract with Calder Stewart. The cost of this project will be $11.114million for the base build with a provisional sum of $8.4million allocated for fit out. An additional $1.25million is expected for related costs – landscaping, project management, wider civil works – however part of this will be realised by related projects.
The economic climate that Covid 19 has created has had a significant impact on New Zealand’s economy, including, a huge increase in cost of construction materials, shortage and availability of materials and freight challenges. This impact alone added a projected $1.6million in costs to the project. The Trust and design teams have worked hard to make a number of design changes to reduce the capital cost by up to $1.8million.
An independent QS was contracted to review the figures.
The Trust has secured $14.9 million in funding to date to advance the construction of the facility. Part of this was a Clutha District Council contribution, where through the annual planning consultation process with ratepayers it agreed to fund 50% up to $7.5 million. For more information on this process click here.
A further $7.4million was secured through central government via the Crown Infrastructure Partners ‘Shovel Ready’ project funding. This central government funding was pivotal in enabling the continuation of this project.
The Trust is now in the process of securing the remaining funds through third-party funding sources such as philanthropic trusts and foundations, corporate sponsorship, public donations and fundraising. The business case also supported a loan which the Trust will look at should there be a shortfall.