Wellington's controversial Reading Cinema deal has moved ahead, despite backlash and an eleventh hour twist.

The Wellington City Council's officially buying the land the boarded-up quake-prone site sits on - for $32 million.

A motion to block the deal from going ahead failed.

Philanthropist Sir Mark Dunajtschik offered to buy the site yesterday, but his philanthropic offer didn't come to fruition after the council pushed their own deal through.

Prominent Wellington property developer Eyal Aharoni joined Nick Mills with his thoughts on the deal.

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