A cash-strapped RSA is selling off valuable land to developers in hope of keeping the club's doors open.

The Hibiscus Coast branch of the Returned Servicemen Association will use funds from the sale of the land to pay off debt, spruce up the clubrooms and attract new members to the struggling association.

The 5200 sq m triangle of bare land runs alongside the clubrooms at 20 Melia Place in Stanmore Bay in Whangaparaoa.

The club will retain ownership of 15 Melia Place which had a 2014 valuation of more than $4.5m.

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The land for sale is zoned residential single house zone under the Auckland Unitary Plan operative-in-part and has the potential for a minimum of eight dwellings.

Bayleys agent Sue Donoghue said it was impossible to value the property, which has an outdated 2014 value of $370,000, because of the potential and scope for development.

But valuation website Homes.co.nz show neighbouring properties of smaller and similar size are valued at upward of $1.3m.

"The site is a gem being not too far along the Peninsula," Donoghue said.

"It's no more than five minutes' drive to a beach and there's a strong community spirit around the area which is predominantly occupied by families and owner-occupiers who benefit from the location."

The property was close to childcare facilities and was zoned for Red Beach School and Orewa College, Donoghue said.

Hibiscus Coast Community RSA president Frank Coggan said the land was purchased 25 years ago, back when the club was based in Silverdale.

He was disappointed to have to sell the land but the club was asset rich and cash poor.

The original vision for the site was to develop townhouse units that could be rented to RSA members.

"Unfortunately financial constraints have meant that this project has never been realised and the property has remained vacant." Coggan said.

Coggan said he hoped a developer would realise the clubs aspirations and build units for the retirees in the community.

He said money from the sale would be used to pay off debt and any extra would be used to spruce up the clubrooms.

"We hope funds from a successful sale will allow a rejuvenation of the clubhouse, so we may attract a new generation of membership," Mr. Coggan said.

"We have a bowling green, club and plenty of facilities here that aren't being used and we'd like to change that."

The club offers memberships ranging from free of charge (for returned servicemen 90 years and over), to $45 for a family membership and corporate memberships.

The property will be sold by tender closing on July 6.