A Waitara property is going under the hammer with just a $1 reserve, reports Jayne Hulbert in the Taranaki Daily News.

The record low reserve price is a first for Harcourts, which is marketing the unusual sale of leasehold property.

Harcourts agent Pam Clegg said the lease owners lived out of town and a plan to develop the vacant Brookes Tce site hadn't happened.

The lease on the property is in place until 2026.

The property has a capital value of $53,000.

Mrs Clegg said it would be interesting to see what happened at the auction. A lot of interest was expected. The auction is being held on September 30 at Harcourts House in New Plymouth.