Kevin Stent/Stuff
Hard hit by Covid, US-based Reading Cinemas has ‘’monetised’’ a major piece of land on the Auckland industrial market.
Cinema company Reading International has sold a huge parcel of light industrial land in South Auckland, making a bumper profit. The 28.5 hectare parcel of industrial land in Wiri near Auckland Airport was sold for $77.1 million to 100 Prices Rd, a company linked to prominent retailers Anne and David Norman,. Reading reaped a US$41m (NZ$58.45m) gain from the sale after costs, saying the property sold for well above its book value of US$13.5m and “substantially’’ above estimates before the pandemic.