PHOTO: Reading Cinema site, Courtenay Place Wellington. FILE
The abandoned Reading Cinema site on Courtenay Place is up for sale.
The listing highlights it as “Wellington’s most important development opportunity.”
JLL is promoting this rare chance to secure approximately 1.5 hectares of flat, freehold land on Wellington’s desirable Golden Mile. The property comprises several adjacent sites acquired by Reading Cinemas over several years.
Together, these sites offer one of the last contiguous, privately owned development properties in central Wellington. There is strong demand in Wellington City for premium residential developments, retail spaces, restaurants, cafes, hospitality, hotels, and entertainment venues, making the development opportunities extensive.
JLL is marketing Reading Courtenay Central and associated landholdings through an International Expressions of Interest campaign, closing at 4pm on Thursday, August 15, unless sold prior.
Todd Lauchlan, Managing Director for JLL New Zealand, stated that the prime location of this extensive site is “a primary driver for a developer to make their mark on Wellington’s Golden Mile.”
Lauchlan mentioned to The Post that there had been multiple expressions of interest from both local and international parties. “With the new height limit of 42.5 meters, a development at this full height would achieve priceless views over Wellington Harbour and the northern ranges for potential residential, hotel, or office uses.”
Earlier this year, the Wellington City Council was negotiating a controversial and costly deal with Reading to enable the cinemas to reopen. This deal fell through in April.
One of the many critics of the proposed $32 million deal was Paul Ridley-Smith, whose article was titled: “Reading deal – exposed, debunked.” Former deputy mayor Helene Ritchie also criticized the plan.
Tony Randle, one of seven city councillors who opposed the proposal, described it as “not a good decision.” After months of controversy, the proposal collapsed.