JLL confirms completion of $38m sale of Reading to Primeproperty

7th February 2025 By Staff Reporter | news@propertyticker.co.nz | @propertyticker

Wellington’s Reading Courtenay Central and associated land has been successfully sold to Primeproperty Group for $38m.

Primeproperty has acquired the asset, which has the earthquake-prone Reading Cinemas, from Reading Cinemas Courtenay Central Limited. It also included 1.5 hectares of freehold land, making it one of the last contiguous, privately owned development properties in central Wellington.

“The property attracted multiple bids, reflecting its strategic importance and development potential,” said Jonathan Ogg, head of capital markets for JLL New Zealand, which facilitated the deal.

“The interest generated was both national and international, underscoring Wellington’s appeal as a prime investment destination.”

The deal followed Wellington City Council abandoning its $32m proposal to acquire, refurbish and earthquake-strengthen the building, which has been closed since 2019 due to its quake risk.

Harry Fergusson, associate director of capital markets retail for JLL New Zealand, said a key factor in the sale’s success was the substantial interest from potential end occupiers.

“During the campaign, JLL received over 10,000 square meters of registered retail occupier interest for future development or refurbishment of the site,” Fergusson said.

“This strong demand played a crucial role in underpinning the property’s long-term viability.”

Primeproperty chief executive Eyal Aharoni said his company planned to transform it into a mixed-use cinema and retail destination. The cinema will continue to be operated by Reading Cinemas Courtenay Central Limited, a subsidiary of Los Angeles-based Reading International.

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

“Together with the Reading group, 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.”

Upgrades were expected to take about 18 months, with the property reopening to shoppers by the end of 2026.