The Burwood Heights District is where Reading owns one of the largest unimproved development sites under a single ownership in suburban Melbourne. The action by the Victorian government opens the door to a much broader range of development activities than would otherwise have been available to Los Angeles-based Reading.
Reading says approximately 430,000 people live within five miles of its site, and approximately 70,000 people per day pass by the site on either the Burwood Highway or Middleborough Road. The site is also located adjacent to the metropolitan light rail system that links to the Melbourne CBD, says Reading.
Reading's new development options for the site include, residential (including hotel usage), retail, entertainment, office and other commercial uses. Reading says the build out of the property will take several years and ultimately will involve an investment in excess of $479 million (AUS$650 million).
Reading is in the business of owning and operating cinemas and live theaters and developing, owning and operating other real estate assets. Its theaters are currently located in the United States, Australia, New Zealand and Puerto Rico. It also owns and operates "Off Broadway"-style live theaters in Manhattan and Chicago and entertainment-themed retail centers in Australia and New Zealand.
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