READING CINEMAS BUILDING AND LAND PURCHASE

Invercargill’s new shopping centre is ready for lights, camera, action with Reading Cinemas set to become a tenant.  

Invercargill Central Limited, the developer of the rebuild of Invercargill’s inner-city, has purchased the Reading Cinemas building and surrounding land, confirming the cinema as a key tenant for the development. 

The sale includes the Reading Cinemas building at 29 Dee Street, as well as the land at 6 - 14 Tay Street and 7 - 9 Dee Street. 

Invercargill Central Limited board chairman Scott O’Donnell said the purchase meant access to the cinema would be through the new shopping centre. 

“It also means the proposed medical centre and piazza on the Dee and Tay streets corner can move forward to design and development,” O’Donnell said. 

“This is a significant and exciting milestone for Invercargill Central Limited and we are pleased to progress this partnership.” 

Mark Douglas, Managing Director of Reading Cinemas, a subsidiary of Reading International Inc (NASDAQ: RDI), said “we are excited to be partnering with Invercargill Central Ltd and becoming an integrated tenant of such an impressive and landmark development.  Reading Cinemas acquired the previous Movieland cinema in 2004 and over the past 17 years has enjoyed screening the latest blockbuster movies to the community.  Reading Cinemas will undergo refurbishment works in the new year to further elevate the cinema offering to enhance the movie going experience and compliment the dining precinct.

O’Donnell said demolition of the old remaining buildings on Dee Street and Tay Street would begin as soon as practicable once the necessary consents had been obtained.

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