I don't know anything about Wate-Man, but it looks like a basic steel channel welded construction. Promaxima currently sells something similar for $500ish plus shipping new (FW-28A). Don't quote me, but I believe the Promaxima uses smaller channel than the current "Rippetoe" racks. Can't tell on this one. It may not matter to you, but aftermarket accessories will be limited without going custom.
I'm sure it's solid enough, and I personally love the vintage look of steel channel racks, but at $350 without the weights I would keep looking.