Reading ‘eyesore’ set for revamp
Thursday, 16 January 2025
The Reading Cinema’s new owner is promising a “a vibrant, all-in-one destination for locals and visitors alike” after purchasing the derelict site for $38m.
Reading International announced to US markets on Tuesday the seismic upgrade of the Courtenay Central building by Primeproperty, and confirmed it also included a long-term cinema lease by Reading Cinemas Courtenay Central Limited.
Primeproperty Group company director Eyal Aharoni stepped in to buy the large block of land ‒ where the cinema complex sits empty - after a $32m Wellington City Council plan to see it reopened failed last year.
News that the central city eyesore is finally about to get a do-over is a shot in the arm for surrounding businesses.
Jon Justice, manager at The Ballroom Pool and Snooker Lounge on Courtenay Place, said the re-opening of the cinema would make Courtenay Place “a real destination”.
“It’s about 40 metres of unused, derelict ground floor space which is a bit of an eyesore.”
Before the cinema’s closure, Justice said people used The Ballroom as a meeting point before watching a movie and going out for dinner.
“People see movies as the main course to an evening out.”
Justice said the noise pollution and smells from the construction could be a concern and referenced businesses near the ongoing construction of Te Matapihi library.
Hospitality NZ board member and Primeproperty Group property manager Richard Tait said having an answer to what was happening on Courtenay Place was “really exciting”.
He said cinema entertainment in the heart of the city would help bring life and vitality back into the city. “If the cinema's operating, it means people are likely to come enjoy the hospitality, they're gonna go to the bars, they're gonna go to the restaurants.”
Having a Wellington property company and Reading International committing to develop the site and to reopen it as quickly as possible was encouraging, he said.
“It means we are no longer sitting there saying ‘the city's dead, the area's dead, there's nothing happening’.”
Aharoni said his company saw immense potential in the site, with plans to transform it into a dynamic mixed-use cinema and retail destination. The mall area was to be expanded and updated with new hospitality options.
He revealed plans to position entrances on Courtenay Place, Tory St and Wakefield St. By doing this, he hoped the cinema would act as a thoroughfare from St James Theatre to Reading Cinemas to Tākina Convention Centre and then Te Papa.
“The whole street, it’s just going to open up.”
The refurbishment is expected to take 18 months, with the goal of reopening the complex to the public some time in 2026 but that timeline could change depending on more detailed planning, consent approvals, and the design process.
“We believe this site offers great potential to provide a much-needed retail and cinema complex with generous parking for Wellington,” Aharoni said.
“Together with Reading Cinemas Courtenay Central Limited, a subsidiary of Reading International, we will ensure that Wellingtonians have access to a world-class cinematic experience, while the new retail and hospitality offerings will help reinvigorate the area.”
He said the site needed extensive earthquake strengthening to a high standard, ensuring the safety and longevity of the complex.
Aharoni said the complex would reopen with a similar number of cinemas as to when it closed, but they would have undergone a comprehensive top-to-bottom transformation. w
Shuping Chen, manager of Dragons Restaurant, said she was looking forward to the cinema reopening, especially after hearing a main entrance would be stationed on Tory St.
Before it closed in 2019, Chen said many customers would eat at the restaurant before watching a movie. “It definitely helped the business.”
Reading Cinemas leases to Welly Collective on Courtenay Place, which would be givennotice to move once the deal was made.
The Reading parcel is three adjoining blocks of land: 100 Courtenay Place, a 7143sqm site where the disused cinema now sits and has a 2021 rateable value of $28.8m; a 2500sqm section at 202-230 Wakefield St with a $15.2m rateable value; and a 2459sqm section at 12-34 Tory St with a $11.5m rateable value.
The council had planned to buy just the 100 Courtenay Place site for $32m under the proviso that the money was used to fix and reopen the cinema complex. Reading had the chance to buy the land back at the original sale pricewithin a decade.
Aharoni has bought a much larger section, with extra frontages on two more busy roads, for just $6m on top of what the council was willing to pay.
Mayor Tory Whanau, an ardent defender of the council’s now-ditched deal, welcomed the sale.
“The council's Golden Mile project will kick off this year. In the first stage of the project, we will revitalise Courtenay Place and bring new life and energy to the heart of our city,” she said.
A focal point in the capital’s entertainment precinct, the Courtenay Central complex has sat empty for more than six years.
International owner Reading Cinemas and retail tenants shut up shop in early 2019 after an independent engineer issued a report on the property’s seismic risk.