Grand Designs-style water tower house project in Bishops Green, south of Newbury, going under the hammer for £45,000 at Savills auction on April 16

A water tower located just south of Newbury with planning permission to be redeveloped into a house has been described by auctioneers as a Grand Designs-style project.

The disused tower, which comes with existing consent to be redeveloped into a three bedroom home complete with roof terrace and undercroft parking, is set to go under the hammer next month.

The property is located in Eagle Road in Bishops Green and it will be auctioned off at a guide price of £45,000 by Savills on April 16.

Savills auctioneer Steven Cane said: “Every now and again we get a water tower come to auction and historically there’s been a good level of demand for these quirky lots.

“Located near the market town of Newbury, this particular water tower is being offered with existing planning permission to be transformed into a three-bedroom house with two undercroft parking spaces and roof terrace – presenting an excellent opportunity for investors or individuals seeking a unique project.

“I’d expect there to be a good level of interest on the day with interest likely to come from developers, investors or an end user looking to create a distinctive residence.”

To view the lot on the Savills website, visit http://rb.gy/w0l085

The redevelopment plans for the tower were granted planning permission ten years ago, and although some work has been done, it would be the responsibility of the new owner to complete the unique redevelopment project.

The proposed accommodation includes undercroft parking for two cars and an entrance hallway to the ground floor, with bedrooms to the first and second floors while the third floor could be used as either a third bedroom or living room.

The fourth floor will be a conversion of the existing water tank and will comprise a kitchen/living area with a roof terrace above.