Martino Property Group

Perth CBD is set for its first new cinema in years after investment group Charter Hall secured approval for a revamp of the Raine Square shopping centre worth $240 million.

Charter Hall will start construction in March on a mixed-use development — including a hotel tower — to replace the current centre, with Palace Cinemas opening a 12-sceen cinema.

The Perth CBD has been without a cinema since 2013 when the Piccadilly cinema closed after 75 years.

Charter Hall bought Raine Square, along with the Telstra super fund and a Canadian investor, from receivers KordaMentha for $458m in 2013.

Charter Hall head of office development Andrew Borger said the approval was “significant milestone in the revitalisation of Perth’s CBD”.

“Our vision is to make Raine Square the ‘it’ place in Perth, and with the announcement that Palace Cinemas will become the key entertainment provider in the revitalised precinct, this vision is being realised,” he said.

Source: theaustralian.com.au

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