Financial costs associated with the Reading deal
External
Bell Gully $387,076.78
Bell Gully was engaged by Council between November 2022 and April 2024. Council initially
engaged Bell Gully to provide commercial advice to help shape the proposed Reading
initiative. Following this initial advice, Bell Gully assisted at dif erent stages of the initiative
by providing legal advice, such as:
• enabling discussions to move forward – assisting in the drafting and negotiation
of documentation, such as the Memorandum of Collaboration and Understanding
(MoCU) and subsequently the Commercial Term Sheet;
• assisting with Council’s due diligence of the initiative – undertaking due diligence
on matters such as property and environment, counterparty, and redevelopment;
and
• helping with negotiations and progressing the legally binding agreements
– assisting in drafting and negotiation of the draft transaction documentation up
until the Council terminated the initiative in accordance with the MoCU.
PwC $36,563.34 (excl GST)
PwC completed a commercial and financial assessment of the proposal.
Colliers $17,100 (excl GST)
Colliers provided valuation services to Council.
Internal
Staffing
Staff time spent on the Readings deal has not been recorded.
The Manager City Development, the Development Manager and the Principal Counsel
worked on the Reading deal on a substantial basis. The salary of these three staff
combined is in the range $520,000 to $580,000 per annum.
Other Council staff were involved as required.
Hospitality $1394.30 (GST inclusive)
In October 2022, Reading International’s senior management from USA visited Wellington.
The visit was initiated and arranged by Reading International. The American-based Reading
representatives expressed interest in meeting with Council officers while they were in
Wellington, to discuss its future plans for the Courtenay Central cinema complex. This
created an opportunity for the Council to meet directly with Reading’s senior management, to
illustrate the opportunities for market growth and build confidence and a commitment to
invest in Wellington. Hospitality costs paid by Council associated with hosting Reading are
$1394.30, GST inclusive.
CVAS (WLG) Ltd t/a Colliers
Cornerstone House
Level 10, 36 Customhouse Quay
PO Box 2747, Wellington, 6140
New Zealand
Email: [email address]
Wellington City Council
City Development
PO Box 2199
WELLINGTON 6140
Attention: Sean Greig
Invoice Number:
30690AW
Invoice Date:
27 Feb 2023
GST No:
081-829-268
TAX INVOICE
Re:
COURTENAY CENTRAL, 80 COURTENAY PLACE, WELLINGTON
P1114539
Ground Rental Valuations.
Subtotal
11,500.00
Total GST 15%
1,725.00
Invoice Total NZD
13,225.00
Payment Terms
Please settle account within 7 days of receipt of invoice
All accounts overdue will incur recovery costs
Please make payment to:
7(2)(b)(ii)
CVAS (WLG) Ltd t/a Colliers
Cornerstone House
Level 10, 36 Customhouse Quay
PO Box 2747, Wellington, 6140
New Zealand
Email: [email address]
Wellington City Council
City Development
PO Box 2199
WELLINGTON 6140
Attention: Sean Greig
Invoice Number:
30836aAW
Invoice Date:
31 May 2023
GST No:
081-829-268
TAX INVOICE
Re:
80 COURTENAY PLACE, WELLINGTON
P1114539
Additional consultancy April - May 2023.
Subtotal
3,250.00
Total GST 15%
487.50
Invoice Total NZD
3,737.50
Payment Terms
Please settle account within 7 days of receipt of invoice
All accounts overdue will incur recovery costs
Please make payment to:
7(2)(b)(ii)
CVAS (WLG) Ltd t/a Colliers
Cornerstone House
Level 10, 36 Customhouse Quay
PO Box 2747, Wellington, 6140
New Zealand
Email: [email address]
Wellington City Council
City Development
PO Box 2199
WELLINGTON 6140
Attention: Sean Greig
Invoice Number:
30836AW
Invoice Date:
30 Mar 2023
GST No:
081-829-268
TAX INVOICE
Re:
COURTENAY CENTRAL, 80 COURTENAY PLACE, WELLINGTON
P1114539
Accrued account through to 31 March.
Subtotal
2,350.00
Total GST 15%
352.50
Invoice Total NZD
2,702.50
Payment Terms
Please settle account within 7 days of receipt of invoice
All accounts overdue will incur recovery costs
Please make payment to:
7(2)(b)(ii)
Wellington City Council
PO Box 2199
6140 Wellington
New Zealand
Attention: Sarah Houston-Eastergaard
Invoice No.
432224100163
Contract No. 5128722
Debtor No. 3041100
26 January 2024
Please quote this invoice number in all correspondence
Tax Invoice
NZD
Our fee for completion of a desktop commercial and financial assessment in
19,924.00
accordance with our engagement letter dated 13 November 2023
Disbursement - US legal searches (USD $1,000)
1,639.34
21,563.34
GST
2,988.60
Total
24,551.94
Purchase Order #: 1118910
If you have any queries, please contact 7(2)(a)
@pwc.com
YOUR REMITTANCE WITHIN 14 DAYS WOULD BE APPRECIATED.
PwC Advisory Services
GST No.: 110-663-204
PwC Tower, 15 Customs Street West,Private Bag 92162, Auckland 1010, New Zealand
Telephone: +64 9 355 8000
1
Invoice No.
432224100163
Contract No. 5128722
Debtor No. 3041100
26 January 2024
Please quote this invoice number in all correspondence
Total
NZD 24,551.94
Remittance Advice
Direct Credit Transfer to:
Account Name:
PwC Advisory Services
Bank:
7(2)(b)(ii)
Branch:
Account No:
Swift Code:
Reference:
432224100163
Particulars:
Wellington City Council
To ensure that we can allocate your payment, please indicate the invoice number as your payment
reference.
Please send your remittance advice direct to:
[email address]
If you have any queries, please contact 7(2)(a)
@pwc.com
YOUR REMITTANCE WITHIN 14 DAYS WOULD BE APPRECIATED.
PwC Advisory Services
GST No.: 110-663-204
PwC Tower, 15 Customs Street West,Private Bag 92162, Auckland 1010, New Zealand
Telephone: +64 9 355 8000
2
Wellington City Council
PO Box 2199
6140 Wellington
New Zealand
Attention: Sarah Houston-Eastergaard
Invoice No.
432224100166
Contract No. 5128722
Debtor No. 3041100
30 January 2024
Please quote this invoice number in all correspondence
Tax Invoice
NZD
Our fee for completion of a high level desktop assessment of a third party
feasibility in accordance with our engagement letter dated 13 November 2023
15,000.00
and email confirmation regarding the extension of services dated 6 December
2023.
15,000.00
GST
2,250.00
Total
17,250.00
Purchase Order #: 1118910
If you have any queries, please contact 7(2)(a)
@pwc.com
YOUR REMITTANCE WITHIN 14 DAYS WOULD BE APPRECIATED.
PwC Advisory Services
GST No.: 110-663-204
PwC Tower, 15 Customs Street West,Private Bag 92162, Auckland 1010, New Zealand
Telephone: +64 9 355 8000
1
Invoice No.
432224100166
Contract No. 5128722
Debtor No. 3041100
30 January 2024
Please quote this invoice number in all correspondence
Total
NZD 17,250.00
Remittance Advice
Direct Credit Transfer to:
Account Name:
PwC Advisory Services
Bank:
7(2)(b)(ii)
Branch:
Account No:
Swift Code:
Reference:
432224100166
Particulars:
Wellington City Council
To ensure that we can allocate your payment, please indicate the invoice number as your payment
reference.
Please send your remittance advice direct to:
[email address]
If you have any queries, please contact 7(2)(a)
@pwc.com
YOUR REMITTANCE WITHIN 14 DAYS WOULD BE APPRECIATED.
PwC Advisory Services
GST No.: 110-663-204
PwC Tower, 15 Customs Street West,Private Bag 92162, Auckland 1010, New Zealand
Telephone: +64 9 355 8000
2
