Reading Central to rise again
The largely derelict Reading Central cinema complex, a ‘‘blight’’ on Wellington’s Courtenay Place that has contributed to desolation on the Golden Mile retail strip, is poised for resurrection.
Reading International president and chief executive Ellen Cotter said the company planned ‘‘a top to bottom renovation of this theatre with full luxury recliners, beautifully renovated lobby spaces and an elevated [food and beverage] experience’’.
Plans had been under way to build a supermarket on part of the site, but a decade-long agreement with a ‘‘potential supermarket tenant’’ had ended after arbitration, Cotter told an earnings conference this month.
A Countdown spokesperson confirmed the deal between Reading and Woolworths, Countdown’s parent company, had ended ‘‘by mutual agreement’’.
Cotter said: ‘‘While the timing of this settlement and the ability to master plan comes at a time when the macroeconomic conditions are not ideal, it does come at a time when the Wellington City Council is preparing to further elevate Wellington’s status as both the arts and cultural capital of New Zealand and one of the most liveable cities in the world.’’
The $64 million complex was abruptly closed in early 2019 after a damning engineer’s report about its ability to withstand an earthquake.
It once housed a multiplex cinema with food and retail outlets.
Even before the 2019 report that triggered its closure, the site had suffered quake-related woes. The neighbouring car parking building, also owned by Reading New Zealand, suffered damage in the 2016 Kaikōura quake and was torn down in 2017.
The empty adjoining lot through to Wakefield St, also owned by Reading NZ, has long been an open car park.
Together, the three lots take up more than 14,000m2, or 1.4 hectares, of prized inner-city space.
Property records show Reading NZ has made a $45.6m capital gain on the three properties – $18.64m to $64.3m – since buying them in 1998 and 1999.
Cotter’s statement said the executive team had taken a tour of Tākina – ‘‘a stunning architectural accomplishment that has changed the look of the Wellington skyline’’. The refurbished St James Theatre on Courtenay Place was now ‘‘the crown jewel of Wellington’s live performance scene’’, she said.
Lambton/Pukehı¯nau ward councillor Iona Pannett said the site had become a ‘‘blight on the city’’. The council had been urging owners to plan to redevelop the site since it was closed.
‘‘It is now exciting to see that Reading is committed to redeveloping the site as economic conditions improve,’’ she said.
Wellington mayor Tory Whanau said no building or resource consent had been filed but the council had remained in contact with Reading. ‘‘We are pleased to see that the developments of St James Theatre and Tākina support their commitment to the Courtenay Precinct in Wellington,’’ she said. ‘‘It is also pleasing that Reading is acknowledging the work the council has undertaken to boost our economy and activate the city.’’