After years of fundraising through various groups like the Royal New Zealand Returned and Services' Association and Wellington Citizens’ War Memorial Committee, by 1926 enough money had been raised for the build of a permanent cenotaph. But the discussion of where it would be located was still ongoing. A site was proposed at the corner of Molesworth Street and Lambton Quay, and a national design competition was held for the memorial. The winners were Auckland architects Grierson, Aimer and Draffin, in collaboration with sculptor Richard Gross.
Their chosen design was an elegant Moderne structure, composed of a base of Coromandel granite and Carrara marble and a tapering pylon of Carrara marble, topped with a bronze horse and rider.
After further negotiation with the Government, the Wellington City Council proposed a new location for the cenotaph by removing old buildings in the angled corner of Lambton Quay and Bowen Street, then known as Quinton’s Corner.
Altering this corner site meant that the memorial had a better visual impact for commemorative events and made the area safer for vehicles and pedestrians.
The statue at the top of the cenotaph, Will to Peace (or Pegasus with Victorious Youth), was designed and sculpted by Gross, cast at a foundry in England, and initially put on display at the Royal Academy in London before being shipped out to New Zealand.
The memorial was properly dedicated on 17 April 1932 in a ceremony performed by the Anglican Bishop of Wellington, Bishop Sprott, in front of a large crowd. Initially, the memorial was open to the public for an hour each day, although it has rarely been open in the subsequent decades.