A luxury property that was once home to two-thirds of top-selling 80s pop trio the Thompson Twins is up for sale, with a mansion and cottage they used as a recording studio.

The home in Matakana, 70km north of Auckland, features an expansive house built by band members Tom Bailey and Alannah Currie, who were married at the time.

The 5.3ha property also has a three-bedroom bach, two-bedroom cottage, double boat shed, double garage and children's hut on site.

Sixty per cent of the property is covered in native bush.

Bailey said after buying the property in the 1990s he and Currie built the main house and lived in it for three years before selling.

"The garden cottage was my recording studio during that time," he said.

The main house boasts five double bedrooms, four bathrooms and expansive views of Kawau Island. It also has a private bay, wraparound decks, three fireplaces, central heating, outdoor spa and a creek with a waterfall.

Quotable Value lists the value of the property at $3.44 million. However Kellands Real Estate agent Ross Hawkins said the QV was set in 2005 and the owners have spent a significant amount of money on improvements and renovations since then.

Agent Fiona Mackenzie said the owners were looking for offers above $5.5 million.

"Similar properties on Waiheke Island have sold for over $6 million," she said.

Bailey said the property was "very special".

"We were lucky to spend time there. I can't pretend that looking at it now doesn't bring feelings of regret at having left."

The Thompson Twins formed in London in 1977 and Auckland-born Currie officially joined the line-up after singing on their first album.

They had worldwide success and their biggest hit, Hold Me Now, peaked at number 3 in the US singles chart in 1984.

Bailey and Currie split in 2003 and are now divorced. Bailey continues to make music under the name International Observer and Currie is an upholsterer based in London.

The property is up for international tender until March 18.