Primeproperty Group Purchases Wellington's Reading Cinema Complex & Adjoining Car Parking Properties

Primeproperty Group (PPG) is pleased to announce the purchase of the iconic Reading Cinema complex and adjoining car parking properties in the heart of Wellington's Courtenay Place. The purchase marks a significant investment in the revitalisation of the city’s central precinct, which was closed by Reading in January 2019. The closure was a result of a corporate decision to cease operations due to seismic concerns and the possible risk to human life in the event of a substantial earthquake

PPG CEO Eyal Aharoni says his company sees immense potential in the site, with plans to transform it into a dynamic mixed-use cinema and retail destination that will meet the needs of Wellington’s residents and visitors. The cinema will continue to be operated by Reading International, a leading cinema operator with cinemas nationally and internationally, ensuring expert management and a high-quality cinema experience.

“We believe this site offers great potential to provide a much-needed retail and cinema complex with generous parking for Wellington. 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.”

Aharoni says the refurbishment will include extensive earthquake strengthening to a high standard, ensuring the safety and longevity of the complex. The mall area will be expanded and updated, providing a fresh, modern retail experience, and the introduction of new hospitality options will bring an exciting mix of dining and entertainment to the region.

The complex will reopen with a similar number of cinemas as to when it closed in 2019, however in the intervening period the cinemas will have undergone a comprehensive top to bottom transformation with the aim of providing a world class cinematic experience. In addition to the cinema, the space will feature new retail outlets, eateries, and other amenities, creating a vibrant, all in one destination for locals and visitors alike.

“The refurbishment will be managed by PPG’s experienced in-house team, in partnership with local engineering firms and builders. This project will also generate new job opportunities, both during the construction phase and in the long term, with the complex bringing in new tenants who will require staff for their operations.

“While specific sustainable features are still being designed, PPG is committed to ensuring that the refurbishment is as environmentally responsible as possible. One key benefit will be the reduction in traffic as the complex will bring retail offerings that are currently only available in the Hutt Valley and Porirua to Wellington, thus reducing the need for residents to travel outside the city,” says Aharoni.

The refurbishment is expected to take approximately 18 months, with the goal of reopening the complex to the public sometime in 2026. However, the timeline may change depending on more detailed planning, consent approvals, and the design process. Initial discussions with the Mayor and council have shown a supportive attitude toward the development.

Aharoni says the reopening of the complex is expected to have a substantial positive impact on both Wellington and the wider Courtenay Place area.

“As a central hub, the complex will help link Courtenay Place with key cultural and tourism sites such as Te Papa, the waterfront, and the Tākina convention centre. The project will bring a fresh retail and entertainment offering to the area, attracting new customers and boosting pedestrian traffic, benefitting local businesses and a much-needed enhancement of the precinct.”

About Primeproperty Group

Primeproperty Group (PPG) is a prominent player in property development, making significant contributions to the local landscape, economy, and job creation by revitalizing and restoring iconic buildings. PPG is also one of New Zealand’s leading seismic upgrade companies. With over 20 years of experience, its designers, engineers, and builders have been extensively upgrading building structures. The ongoing seismic strengthening program ensures that PPG’s buildings are among the safest office towers in the country.

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