Reading Cinemas is set to return to central Wellington years on from its closure after it was revealed the cinema chain’s owner intends to redevelop the building.
The cinema building on Courtenay Pl closed in 2019 due to seismic concerns and sat unused until Reading International entered a $38m Sale and Purchase Agreement with Prime Property Group announced yesterday.
A seismic upgrade would be undertaken as part of the redevelopment to reopen the building as a cinema complex.
Prime Property Group chief executive Eyal Aharoni said the cinema would continue to be operated by Reading International.
“The deal is, we bought the site, and it’s our site, but they signed a long-term lease on the movie part top floor of the building. We will be strengthening the building and they will be refurbishing it for their new standards.”
He said upgrades would include opening up the northern side of the building to link Courtenay Place with the new Tākina Wellington Convention and Exhibition Centre.
“We have a lot of interest, but haven’t selected the retailers yet.”
The local hospitality sector said the announcement was “such good news” for the area.
“We remember six years ago when it closed, and it was a noticeable affect on our revenue — on all our businesses up and down this street — so we’re delighted,’ said Epic Hospitality Group owner Greig Wilson.
Upgrades were expected to take around 18 months with the goal of welcoming shoppers back by the end of 2026.
