Wellington’s Reading Cinemas up for sale after failed council bid for land
Saturday, 13 July 2024
The controversial Reading Cinemas complex is up for sale.
The sale comes after Wellington Council attempted to buy the land earlier this year.
The cinema closed in 2019 after the buildings were deemed earthquake prone.
The abandoned Reading Cinemas complex in Wellington has been listed for sale.
It comes after Wellington Council attempted to buy the land the cinema sits on earlier in 2024.
On real estate website One Roof, the land is being described as a “once-in-a-lifetime opportunity to secure a property that offers control of approximately 1.5 hectares of flat, freehold land on Wellington’s sought-after Golden Mile.”
The property is being sold by JLL, whose managing director Todd Lauchlan told The Post there had already been multiple expressions of interest from local and international parties.
“Taking control of 14,964 square metres of freehold land in Wellington’s CBD is an unmissable opportunity for developers seeking a foothold in one of the New Zealand’s most popular destinations,” Lauchlan told One Roof.
“With the new height limit of 42.5 metres, a development at this full height would achieve priceless views over Wellington Harbour and to the northern ranges for potential residential, hotel or office uses,” he added.
Earlier in the year, there was controversy over Wellington Council’s proposed plan to buy the land the cinema sits on, on the condition the cinema owners restored the building.
The $32 million deal came to nothing after public backlash.
At the time, Wellington Mayor Tory Whanau said the outcome was “disappointing, but the right one”.
The cinema complex closed in 2019 after it was found to be earthquake prone and has since been deemed an eyesore by many in Wellington.
JLL is inviting interested parties to make an expression of interest before 4pm on August 15.
For the full story watch the video above.