JLL, a leading global commercial real estate services firm, is pleased to announce the successful sale and settlement of Reading Courtenay Central and Associated Landholdings, a landmark property in the heart of Wellington. The property, which garnered significant national media attention during the sales campaign, has been acquired by Primeproperty Group for NZ$38 million.
The sale of this iconic cinema building and substantial landholding marks a pivotal moment for Wellington's commercial real estate landscape. Situated on the Golden Mile, the property spans approximately 1.5 hectares of flat, freehold land, making it one of the last contiguous, privately owned development properties in central Wellington.
Jonathan Ogg, Head of Capital Markets for JLL New Zealand, commented on the sale's success: "We are thrilled with the outcome of this campaign. The property attracted multiple bids, reflecting its strategic importance and development potential. The interest generated was both national and international, underscoring Wellington's appeal as a prime investment destination."
Harry Fergusson, Associate Director, Capital Markets Retail for JLL New Zealand added: "A key factor in the sale's success was the substantial interest from potential end occupiers. During the campaign, JLL received over 10,000sq m of registered retail occupier interest for future development or refurbishment of the site. This strong demand played a crucial role in underpinning the property's long-term viability."
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Primeproperty Group s CEO Eyal Aharoni says his company sees immense potential in the site, with plans to transform it into a dynamic mixed-use cinema and retail destination that will meet the needs of Wellington's residents and visitors.
The cinema will continue to be operated by Reading Cinemas Courtenay Central Limited, a subsidiary of Reading International, a leading cinema operator with cinemas nationally and internationally, ensuring expert management and a high-quality cinema experience.
"We believe this site offers great potential to provide a much-needed retail and cinema complex with generous parking for Wellington. 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."
Todd Lauchlan, Managing Director for JLL New Zealand, comments: "As one of the largest and last remaining flat, freehold sites available across New Zealand's CBDs, the sale of Reading Courtenay Central and Associated Landholdings marks a significant milestone in Wellington's commercial real estate history. JLL is proud to have facilitated this transaction, which promises to shape the future of Wellington's urban landscape.
- Supplied by JLL
