Uncertain future for cinema complex
The closure of Wellington’s Courtenay Central cinema complex may have an impact on the long-held plans of its American owner.
Reading International, which operates in Australia, New Zealand and the United States, has 11 cinemas in New Zealand and a large parcel of industrial land near Auckland Airport.
An overhaul of Courtenay Central, which was damaged in the 2013 and 2016 earthquakes, has been on the cards for some years. But those plans may have suffered a setback this weekend after an engineering report forced Courtenay Central to close as a preventative measure.
Reading’s Australian-based office has made no recent comments but a presentation to shareholders in November laid out its ultimate plans for Courtenay Central.
They included possibly a hotel, office space, an upgraded premium Countdown supermarket, entertainment retail space, an 800-space car park, retail on the car park’s ground floor, food hall and improved cinema.
In the meantime, it has been using the space as a food hub and space for a craft market, improv theatre and other events.
Before news of the engineering report, Reading told shareholders it expected to invest $5 million to $6m over 2019 and 2020.
However, its plans for Courtenay Central have been a long time coming, thanks to seismic issues and supermarket redesigns. The car park was severely damaged after the Seddon earthquake in 2013 and demolished after the 2016 Kaiko¯ura quake, resulting in a $27m insurance payment.
Countdown has been planning to build on a vacant area at the back of the cinema complex in Wakefield St.
When asked in late November about its plans, Reading’s Australian-based real estate boss, Matthew Bourke, said he hoped to share further news in the next two calendar quarters.