Wellington's hottest beachfront property is up for grabs.

The Band Rotunda on Oriental Parade may yet see its doors reopen as Wellington City Council looks to put it on the market in February.

After getting into a state of disrepair, the historic building was closed indefinitely in 2012. But the city council is now considering its options and putting out a call for proposals on its future.

Lambton ward councillor Iona Pannett, who holds the Infrastructure portfolio, said the council would consider all proposals, including offers to buy or lease the Band Rotunda.

"We hope to find solutions and are putting all options on the table, we are taking a broad view that includes leasing or selling."

It is understood the council is desperate to to get rid of it and it was just a matter of finding someone who wanted to take it on.

There were currently three possibilities on the table for the council: removing the rotunda, leaving just a horseshoe-shaped protrusion; removing the structure down to the original (heritage) level; or stripping it back to the heritage level and building a new top.

It is understood the most recent addition from the 1980s had concrete cancer, caused when the steel reinforcing within a concrete slab begins to rust.

The heritage part was fine, but flooded at king tides.

The council had been going through a programme of looking at the earthquake state of its buildings. The rotunda, which is listed as category 2 by Heritage New Zealand, was not quake-prone, Pannett said.

A council document shows the band rotunda met 53 per cent of new buildings standard. Buildings less than 34 per cent are quake-prone.

he rotunda was recorded as being less then 34 per cent in 2012.

It is also not on the council's updated list of earthquake-prone buildings.

The council will make a request for Information, for proposals and for quotes and bids.

Any options would have to be in the short-to-medium term because of the obvious implications of climate change, which meant it had a shorter lifespan than other buildings, Pannett said.

"Of course any solution would need to be at a minimum cost to ratepayers."

Lambton ward councillor Nicola Young would like to see something like Sydney's Icebergs dining room and bar at Bondi Beach, but that would need someone who was prepared to sink in a lot of money with little prospect of making any profits.

"It could be wonderful; it's currently an eyesore and liability. Oriental Bay deserves better."

It could be a magnificent gesture to Wellington if someone took it on as a project, she said.

The community were sad to see it shut, and whatever happened she would like to see a public assets for the whole community, Pannett said.

Oriental Bay Residents' Association president Andy Thomson said members would like to find out more about future proposals.

"They [the council] are not able to tell us much during these preliminary stages but we would like to see something with a community benefit and somewhere we could have meetings."

Thomson said he would like to see another restaurant or food and beverage outlet located in the rotunda, but he was aware previous businesses had struggled.

It's a superb spot and hopefully a good operator could make it work."