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A $50 million redevelopment of the derelict Reading Cinema complex on Courtenay Place is set to begin, aiming for completion by 2027. The building has been closed for nearly seven years due to earthquake safety concerns, contributing to a decline in the area’s vibrancy. Property mogul Eyal Aharoni has acquired the 1.5-ha site through his company Primeproperty Group and plans to restore it to its former glory. Strengthening works have now commenced, marking the first significant progress since its closure.
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