Reading International, Inc, will occupy a state-of-the-art cinema within Charter Hall’s Millers Junction retail development, in Melbourne’s west.
The NASDAQ listed company plans to trade from its six-screen Altona North complex by mid-2020.
“Reading Cinema Millers Junction will showcase the highest quality in Australian cinema as western Melbourne’s first premium TITAL LUXE auditorium with convenient reserved seating, the newest Dolby Atmos immersive sound and enhanced food and beverage offerings,” the entertainment giant said in a statement.
“The new cinema will also feature reclining seats in all auditoriums to ensure maximum comfort for guests”.
The commitment comes six years after Reading abandoned a 15-year plan to build a $40 million cinema on part of Melbourne’s former Moonee Ponds Market (Reading sold this 1.34 hectare block, six kilometres north west of the city, to Leighton Properties, for $23 million).
Elsewhere in Melbourne, Reading trades from cinemas at Chirnside Park, Dandenong, Epping, Melton, South Melbourne and Sunbury. It also has a venue at Waurn Ponds in Geelong.
Millers Junction is located at 290-298 Millers Road.
“We are excited to partner with Charter Hall to bring such an advanced cinema to the western region of Melbourne,” Reading Cinemas Australia’s managing director, Mark Douglas, said.
“Altona North is a thriving area and we look forward to providing a theatrical experience for our new guests that is a world class standard.
The $70 million Millers Junction project is nearing completion with the first stage set to open by Christmas.
The Charter Hall parcel also includes a business park component, which opened in 2018. It is slated for a homemaker centre, too.
Charter Hall’s head of diversified development, Ben Dodwell, said Reading Cinemas has been a “market leader in leisure and entertainment innovation, especially making the cinema experience accessible in Australia”.
Reading International, Inc
Interestingly, the cinema calls itself a leading entertainment “and real estate company”.
Reading International, Inc, develops, owns and manages retail and commercial property in the United States, Australia and New Zealand.
Its sister cinema brands include Angelika Film Centres, Consolidated Theatres and City Cinemas. It also controls Liberty Theatres in the US.
Its “signature property developments” include Newmarket Village, Auburn Redyard and Cannon Park – in Australia, Courtenay Central in New Zealand and 44 Union Square in New York City.
One of the most acquisitive property investors this year, Charter Hall’s portfolio includes more than 840 properties worth about $34.6 billion.
The ASX-listed, 28-year old company, also includes a $6.5 billion development pipeline, including, in Melbourne, the $1.3 billion Wesley Place multi-office tower complex, taking shape on Uniting Church owned land in Lonsdale Street.
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