The green wooden and steel bench was discovered at the rear of a student flat in Castle St this week, after it was reported missing from the Dunedin Botanic Garden in April.
Dunedin Botanic Garden collections supervisor Barbara Wheeler said she was delighted to hear from police the bench, which weighs more than 80kg, had been recovered.
"It seems like a lot of effort [for the thieves] for little reward."
While the offenders were likely to be dealt with by the University of Otago proctor, it was hoped they might do community service at the gardens, she said.
About 160 seats were located around the gardens and, of those, 25-30 - including the one returned - were not bolted to the ground.
Each year, several of the non-fixed park benches were taken. They were often returned at the end of the year when found by landlords cleaning up flats, or if they were spotted by Campus Watch, she said.
In some cases, bolted-down benches, valued at $1300, had been unbolted and removed from the gardens.
Last year, the Otago Daily Times reported a wooden park bench was recovered from the roof of a Moray Pl apartment after it was discovered by the landlord, and returned to the gardens.