Wellington City Councillors want the city to reflect on how it deals with private businesses

PrimeProperty group has bought the boarded-up Reading Cinemas building in the central city for 38 million dollars.

It comes after Wellington City Council's controversial attempt to buy the land to incentivise development - which was unsuccessful.

Iona Pannett says its a chance to review - saying it would be good to make sure the council doesn't make the same mistake again.

Nicola Young says its a much better deal - adding it shouldn't be up to ratepayers to fund this kind of thing.