Wellington City Council buys earthquake-prone Reading Cinema complex for NZ$32m, leasing it back to Reading Cinemas for a 21-year, renewable lease.

Wellington City Council has agreed to purchase the land of the earthquake-prone Reading Cinema complex for NZ$32 million, with plans to lease it back to Reading Cinemas for a 21-year, perpetually renewable lease. Annual rent will cover the Council's borrowing costs, and Reading Cinemas has the option to buy back the land within the first 15 years. The Council aims to create a vibrant city center and restore Reading Cinema as an entertainment anchor in Te Aro.

February 27, 2024
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