Wellington's mayor is celebrating a controversial multi-million dollar development deal.

Wellington City Council today agreed to continue with its plan to buy the land under the Reading Cinema complex for $32 million.

The complex will then be rented back to the company, with the funds used to pay for quake strengthening.

Tory Whanau couldn't go into specific details around certain aspects of the plan.

The mayor says she's very happy with the level of detail she has.

"And essentially- this is a loan. We are using a loan to be able to redevelop this property in our city centre."

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