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Described as the "movie moguls of Mirimar", Sir Peter and Sir Richard will build a museum filled with their private and rare collection of movie memorabilia in Wellington.
Movie Museum Ltd project director George Hickton said movie buffs could also see artefacts, props and costumes from some of their blockbuster movies.
"I've only seen a little bit of that and it's extraordinary."
Mr Hickton said among the collections considered for public display was the iconic Chitty Chitty Bang Bang car from the movie of the same name.
Despite their busy schedules, Sir Peter and Sir Richard were committed to the museum.
"This is a personal commitment [from them]. It's a very personal project."
Wellington mayor Celia Wade-Brown confirmed this afternoon that the council had agreed unanimously to buy land in the central city to build a combined movie museum and convention centre.
The facility, including buying the land, would cost about $134 million, the mayor said.
It would create about 483 new jobs once the facility opened.
She said the central location was ideal, especially as it was just opposite the country's national museum, Te Papa.
"We have settled on a really good space that is ideal for a point of view of getting around, ideal for a point of view of existing hotels ... ," she said.
The mayor said the "priceless collection ... couldn't go as happily anywhere else".
She said the movie museum and the convention centre would provide a total of 1000 job opportunities.
It will be the only movie museum and convention centre in Australasia, she said.
City councillor and chairwoman of economic growth and the arts committee, Jo Coughlan, said the new combined movie museum and convention centre would be a huge contribution to the city.
"A new purpose-built convention centre will protect our businesses," she said.
She estimated the movie museum would attract about 310,000 people by its third year.
Wellington Regional Economic Development Agency chief executive Chris Whelan said the combined facility would be different to others.
"Combining the movie museum and convention centre will give us a facility with a distinctively Wellington identity.
"This will be a unique, internationally attractive product to take to the global conference and business events market," he said.
The facility is set to open in late 2018.