Onehunga's original movie theatre is for sale with a Town Centre zoning and consented plans for 21 apartments on the site.
Located on the main retail strip, the property at 300 Onehunga Mall occupies a commanding position.
Colliers International has been appointed to market the 637sq m property by deadline private treaty closing at 4pm on Thursday June 27, unless sold earlier.
Broker Ned Gow says few opportunities come to the open market in this area each year.
"This is a chance to acquire a freehold site in a prime location in one of Auckland's liveliest growth hubs," he says. "The property presents multiple angles for both adding value and development potential.
"Two under-utilised character buildings comprise the original theatre building and an adjacent retail shop, currently used as a church and office space respectively.
"Both buildings could be refurbished and upgraded for a range of new uses, including retail or residential.
"Alternatively, a new owner could take on the existing resource consent for a 21-unit apartment project on the site
"Onehunga is a growing hub of residential development, with several major apartment projects underway.
"The property earns income from two short-term tenants, with six-month demolition clauses allowing a new owner to keep their options open. No matter which path is chosen, this property has abundant potential."
The main building occupies a large portion of the regular shaped 637sq m site.
Built before 1935, it has a high stud with character features throughout, including an original ornate ceiling.
A mezzanine level, accessed via internal stairs, was where the film projectors were originally hosted. The lower floor of the building contains a storage area.
Gow says the building has hosted many businesses throughout the years and has great add-value potential.
The smaller second building, also positioned on Onehunga Mall's retail level, is a retail space, he says.