Reading Cinema Site Up for Sale After Deal with Wellington City Council Collapses The Reading Cinema site in Wellington’s Courtenay Central has been placed on the market after a proposed deal with the Wellington City Council fell through. The council had initially planned to purchase the site for $30 million as part of its $600 million plan to redevelop the Courtenay Place area. However, negotiations between the two parties broke down over the price and conditions of the sale. Reading Cinemas, which operates the cinema complex at the site, confirmed that it had decided to sell the property after the council deal failed to materialize. The site, which covers 6,000 square meters, includes the cinema, several restaurants, and a parking building. According to sources, the asking price for the site is understood to be around $40 million, significantly higher than the council’s offer of $30 million. The property has been listed with Bayleys Real Estate. The collapse of the deal with the council is a blow to the city’s redevelopment plans. The Courtenay Place area has been struggling in recent years, with high vacancy rates and a decline in businesses. The council had hoped that the acquisition of the Reading Cinema site would anchor the area’s revitalization. However, some observers believe that the high asking price for the site could make it difficult to find a buyer. The property market in Wellington has been relatively quiet in recent months, and there may not be a lot of interest at such a price point. The future of the Reading Cinema complex itself is also uncertain. The company has said that it has no plans to close the cinema, but it is unclear how the site may be redeveloped if a new owner takes over. The sale of the Reading Cinema site is being closely watched by developers and investors in Wellington. The outcome of the sale could have a significant impact on the future of the Courtenay Place area and the city’s wider redevelopment plans.Derelict Reading Cinema Site in Wellington Up for SaleDerelict Reading Cinema Site in Wellington Up for Sale The former Reading Cinema site in Wellington’s Golden Mile has been placed on the market. Located on 1.5 hectares of freehold land, it represents one of the last privately owned development opportunities in central Wellington. The cinema complex was closed in 2019 due to seismic risk. Wellington City Council initially planned to acquire and lease the land back to Reading Cinema, but that deal was canceled in April. Now, the site is being offered as “Wellington’s premier development opportunity.” It has the potential for a variety of uses, including residential, hotel, and office. The new height limit of 42.5 meters allows for stunning views of Wellington Harbour and the surrounding mountains. The redevelopment of the Golden Mile by Wellington City Council and Waka Kotahi is expected to revitalize the area, creating a more vibrant and inviting destination. The strong demand for residential and office space in Wellington makes this site an attractive investment opportunity. Expressions of interest are being sought internationally until August 15th. The sale is expected to generate significant interest from developers eager to capitalize on this rare and prime development opportunity.A prominent cinema site in the heart of reading is up for sale after a deal with Wellington City Council fell through. The site, which is currently home to the Reading UCI cinema, has been on the market for several months, with a number of potential buyers expressing interest. However, a deal with Wellington City Council, which was seen as the most likely buyer, collapsed last week. The council had been in talks with the owners of the site, Reading International, for several months, but the two sides were unable to agree on a price. Reading International is now looking to sell the site on the open market, and is expected to achieve a price of around £20 million. The sale of the site is a major blow to Reading’s cultural scene. The UCI cinema is one of the town’s most popular entertainment venues, and its closure would leave a big hole in the town’s nightlife. It is unclear what will happen to the site once it is sold. However, it is likely that it will be redeveloped for a new use, such as a hotel or apartments. The sale of the site is the latest in a series of setbacks for Reading’s cultural scene. In recent years, the town has lost several of its most popular music venues, including the Fez Club and the Purple Turtle. The closure of the UCI cinema would be a further blow to Reading’s reputation as a cultural destination.