Updated 9.13am: The Fire Service will use the money from the sale of Takapuna's old fire station to help repair stations damaged by earthquakes in Christchurch.

The Takapuna station on Killarney Street is on sought-after land, with a council valuation of $3.78 million.

It borders Killarney Park and Lake Pupuke.

Andrew Bruce from NAI Harcourts thinks the land would best lend itself to terraced housing or apartments.

"We have had a couple of people mention boutique accommodation, maybe a hotel, daycare, educational or even medical type uses. I do believe the highest investment use will be as a residential development."

Nearby residents, meanwhile, would like to see it developed into a lake-side park.

Devonport Takapuna local board chair Mike Cohen would dearly love the old fire station to be bought by Auckland Council, and converted into a youth centre or public green space.

"Sometimes you have a once in a lifetime opportunity to be able to pick up a public space."

He says Takapuna Beach is an example of the best kind of foresight.

"It's hard to imagine Takapuna Beach today if North Shore City hadn't bought all the properties that abutted onto the beach."

Mike Cohen acknowledges it would be a hard sell to convince Auckland Council to buy the land ... but he's hopeful.