Primeproperty Group Acquires Abandoned Reading Cinema in Wellington
Wellington Mayor Welcomes Sale of Earthquake-Prone Cinema
Wellington’s mayor is welcoming the sale of the city’s earthquake-prone Reading Cinema after a proposed $32 million deal to revitalize the complex fell through last year. The Courtenay Place property, abandoned in 2019 due to seismic concerns, has now been purchased by Primeproperty Group. The property, sitting on 1.5 hectares of freehold land, caught the attention of developers looking to breathe new life into the iconic location in the heart of Wellington.
Negotiations Gone Awry
In 2023, the Wellington City Council initiated negotiations with Reading Cinema as part of a $32 million deal to acquire the land under the property and lease it back to the company. However, the deal hit a roadblock in April of the following year when senior council staff expressed their inability to secure the “best possible outcomes for Wellingtonians” during talks with the company. Despite this setback, the recent sale to Primeproperty Group has sparked optimism among city officials and residents alike.
Excitement for Revitalization
Wellington Mayor Tory Whanau expressed her anticipation for the site’s future development plans, especially as construction work to revitalize Courtenay Place under the city’s Golden Mile project is slated to commence this year. The sale is seen as a step in the right direction towards transforming the area and enhancing the overall appeal of the CBD.
Positive Reactions from City Council Members
City councillor Iona Pannett, who opposed the initial $32 million deal, shared her optimism about the sale, emphasizing the importance of a swift reopening for the benefit of the capital. Similarly, Councillor Nicola Young, another critic of the proposed deal, highlighted the potential of the Reading site to mirror the success of projects like Commercial Bay in revitalizing urban spaces.
Looking Ahead
With the sale completed, all eyes are now on Primeproperty Group as they prepare to unveil their vision for the abandoned cinema site. The anticipation is high for a new chapter in the history of Courtenay Place, promising a bright future for this iconic Wellington landmark.
As a Wellington native, I remember the days when the Reading Cinema was a bustling hub of entertainment and community gatherings. The news of its revival brings a sense of nostalgia and excitement for what’s to come, as we eagerly await the transformation of this beloved location into a vibrant centerpiece of our city once again. What memories do you have of the Reading Cinema, and what are your hopes for its future under new ownership? Share your thoughts and join the conversation as we witness the evolution of Courtenay Place together.