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The sale included the Reading Cinemas building at 29 Dee St, as well as the land at 6-14 Tay St and 7-9 Dee St.
Invercargill Central Ltd board chairman Scott O’Donnell said the purchase meant access to the cinema would be through the new shopping centre.
It also allowed for the design and development of the proposed medical centre and piazza on the corner of Dee and Tay Sts.
"This is a significant and exciting milestone for Invercargill Central Limited and we are pleased to progress this partnership," Mr O’Donnell said.
Demolition of the old remaining buildings in Dee and Tay Sts would begin as soon as possible after obtaining consents, he said.
Reading Cinemas managing director Mark Douglas said it was excited to be a partner in the development.
He explained the cinema had been in the building since 2004 and would undergo a refurbishment in the new year.