Auckland is set to get a second Costco store.

Property developer Kiwi Property has agreed to sell a 6.4 hectare site in its new Drury development to the US-based mega store.

Drury is a small rural town about 35 kilometres south of Auckland city, but has been picked as the site for a new town development, with Kiwi Property recently approved to go ahead with building the town centre.

"We are very excited to be entering into this agreement with Kiwi Property in a location as great as Drury," Costco country manager Chris Tingman said.

An exact opening date for the new store was not immediately clear.

Illustration of Kiwi Property's Drury development. Photo: Supplied / Kiwi Property

"Whilst still subject to planning and corporate approvals, our aim is to introduce our unique high-quality, low-cost merchandise to Drury, serving our significant membership base in the south of Auckland, as well as Hamilton and the Waikato region," Tingman said.

The only other Costco store is at Auckland's Westgate, which opened three years ago.

Kiwi Property chief executive Clive Mackenzie said the deal marked a major milestone for its Drury development - which received fast-track consent for its first two stages last week.

"Costco has been a hit with Kiwi consumers since it opened its first store in Auckland and we're pleased to be working with them on this exciting opportunity to bring Costco further south," he said.

The deal followed Kiwi Property's earlier sale of 1.2 hectares to supermarket operator Foodstuffs.