Two Roslyn properties being sold by the Dunedin City Council are some of the last of the city's leasehold land that it has been selling for the past few years.
One of the properties is the Roslyn shopping centre, and the other a health centre nearby.
Council property manager Robert Clark said this week the properties were part of the council's endowment portfolio and, while the council owned the land, the buildings on them were owned by others, and may be leased to a third party.
The council owns a large portfolio of land that was vested in it in the 1860s and 1870s, and since 2003 the property department has been managing its portfolio more aggressively to increase its dividend, selling low-yield properties and reinvesting in others with higher yields.
Mr Clark said all the land had been offered to lessees, and only about six were left unsold.
The land was "basically just an investment" for buyers and, while the return was low, the investment was "very secure," he said.
The properties would be sold by auction, and Mr Clark was unwilling to speculate about the prices they might sell for.
