Wellington's mayor is welcoming the sale of the city's earthquake-prone Reading Cinema after a proposed $32 million deal to revitalise the complex fell through last year. The Courtenay Place property was abandoned in 2019 after it was deemed earthquake-prone. The property, which has 1.
5 hectares of freehold land, has now been purchased by Primeproperty Group. In 2023, the Wellington City Council began negotiations with Reading Cinema as part of a $32m deal to buy the land under the property and lease it back to the company. The deal was axed in April last year after senior council staff said they were unable to reach the "best possible outcomes for Wellingtonians" during negotiations with the company.
Wellington Mayor Tory Whanau said she welcomed the sale which comes as construction work to revitalise Courtenay Place, as part of the city's Golden Mile project, is set to begin this year. " look forward to hearing what the new owner's development plans are for the site," she said. City councillor Iona Pannett who opposed the $32m deal said the sale was good news for the capital.
"We just hope that it will get to open as soon as possible and it won't be like some of the other buildings around town which have remained closed." The Primeproperty also owns the Amora Hotel which has been closed since 2017. In October last year, the company said the building was in the design phase to reopen as a completely new luxury hotel.
Councillor Nicola Young, who also opposed the proposed $32.
