The office of Treaty Settlements is sitting on a $2.2 million Waiheke Island property with panoramic views to the Coromandel Peninsula.
The disused police station in Oneroa and police house next door are being considered for landbanking for future Treaty settlements, but may yet end up on the market.
Police shifted last July after the original station became too small.
Local real estate agents said if the Waikare Rd properties, with a combined area of 1707sq m, were sold together, they would probably fetch $2.2 million on the open market. If they were sold separately, each would fetch about $1.2 million.
When government departments, district health boards or Crown Research Institutes have finished using property, it is first offered back to the original owners or their descendants.
If they don't want it, it's transferred to the office, which publicly advertises it for expressions of interest. If Maori express an interest, and the Crown agrees to retain ownership, the office then buys the property and holds it for potential use in a future Treaty settlement.
If there is no Maori interest, the property is put on the open market.
The properties were publicly advertised on April 1, with a May 10 deadline for applications. Agents have already received inquiries.