After 34 years of thrilling Aucklanders, the Rainbow's End Pirate Ship is being jettisoned for a new attraction.

The theme park, owned by NZX-listed Rangitira Investments, says the ride will "swing its last swing" later this month.

It will make way for a new development next year.

"The Pirate Ship has been a fantastic attraction that has spanned several generations," says Rainbow's End chief executive Chris Deere.

"We have exciting plans for this area however so have decided that the time is now right to retire this ride and invest in an exciting new attraction as part of the park's ongoing capital investment programme."

Rainbow's End marketing manager Katharine Murray said "The Pirate Ship holds fond memories for many New Zealanders. It's been a ride that parents have brought their children back to experience years later so there is a lot of nostalgia associated with it."

Deere said while people would be sad to see the ride go, shutting it was the right decision given the level of maintenance costs.

The final swing of the ship will be held on Saturday, August 19. Rainbow's End will be giving out prizes for the best dressed pirates.