Business Owner Sees Potential Opportunity in Collapse of Reading Cinema Deal

Wellington Bar Owner Proposes Indoor Stadium as Replacement for Shuttered Reading Cinemas

The Wellington City Council recently announced the termination of a $32 million deal with Reading Cinemas, leaving the future of the shuttered cinema complex uncertain. However, local bar owner Jose Ubiaga sees this as an opportunity to transform the space into something new and exciting.

Ubiaga, the owner of Dakota nightclub, believes that the massive land owned by the company, including the carpark at the back of the building, could be the perfect location for an indoor stadium similar to Auckland’s Vector Arena (now Spark Arena). He emphasized that Wellington has been missing such a facility for a long time and that it could be a major drawcard for the area.

While Ubiaga acknowledges that such a project would require government support, he criticized the council’s handling of the deal with Reading Cinemas, suggesting that they should put pressure on building owners to prevent properties from sitting vacant and derelict on Courtenay Place.

Wellington Chamber of Commerce chief executive Simon Arcus echoed Ubiaga’s sentiments, emphasizing the need for change on Courtenay Place and expressing disappointment in the failed deal with Reading Cinemas. He stressed the importance of finding a solution to fill the void left by the shuttered cinema complex.

As the city grapples with the aftermath of the collapsed deal, all eyes are now on Reading Cinemas and other potential partners, such as property developer Sir Mark Dunajtschik, to see what the future holds for the iconic building on Courtenay Place.