Fancy putting your money into a grand design? The Isle of Man’s historic water tower, planned as a four-bed house, is for sale for £230,000
- The property is for sale for just £230,000 but the buyer will have to dig deep to complete the development
- Planning permission has been granted for a four bedroom home with the water tower at its center
- The Water Tower is based on the Isle of Man, a low tax economy with a maximum income tax rate of 20%.
A historic water tower situated on two acres of land on the Isle of Man is on the market with planning permission to convert it into a Grand Designs home.
That The property is for sale at a price of just £230,000. However, the buyer has to dig deep into his pocket for the extensive project, because there is currently little on the rural site apart from the shell of the tower.
The plans call for the existing waterfront to lie at the heart of the new lot, while the rest of the large four bedroom home will be built around it.
The property is in ruins and is for sale for £230,000 – but much more will need to be spent to complete the development
The location may feel remote but might be appealing to some – not least because the Isle of Man is a low-tax economy with no capital gains tax, wealth tax, stamp duty or inheritance tax, as well as a high income tax rate of 20 per cent.
Buyer Henry Pryor said: “If you are thinking of relocating to the Isle of Man for tax reasons then the savings you could make will certainly go towards funding this great design.
‘Once you’re done, you’ll be able to protect your tax-free earnings from prying eyes.’
The plans call for the existing waterfront to lie at the heart of the new lot, while the rest of the large four bedroom home will be built around it
The water tower is on the Isle of Man, a low-tax country with a maximum income tax rate of 20 percent
The ambitious project deserves to be featured on the popular TV show Grand Designs, presented by Kevin McCloud
The tower dates from the late 19th century and was Ballamoar Castle’s original water supply.
It later powered an engineering shop and sawmill on the site, but these were demolished along with the water tank.
Only the tower remains, which now has planning permission to build a 3,500 square foot home with the water tower at its center.
The plans call for a two storey building on one side with four double bedrooms all with en-suite bathrooms. There is also a utility room and a clock room.
Passing through the base of the water tower and via a glass atrium is a large open plan living area, dining room and kitchen with a vaulted ceiling and floor to ceiling arched windows opening onto a conservatory.
The potential Grand Designs-style home is on the market, King Charles’ former own project was revealed on an ITV television show. A royal grand design chronicled how the King (then the Prince of Wales) led a consortium that paid £45million in 2007 for a run-down property in Ayrshire to save it from ruin and regenerate the underprivileged local community.
The water tower is thought to date from the late 18th century and was originally the water supply for the local Ballamoar Castle
The property once provided power to an engineering shop and sawmill on the site, but these have been demolished along with the water tank
The property offers views over the surrounding countryside and out to sea from the top floors of the tower
Today, all that remains is the shell of the water tower, which has planning permission to become part of a sprawling 3,500-square-foot apartment building
The property offers views over the surrounding countryside and out to sea from the top floors of the tower.
Outside there is a separate garage with a workshop and it sits on a two acre lot. The property is offered for sale through Garforth Gray Estate Agents.
A geothermal heat pump is also planned for the supply of heating and hot water.
Daniel Copley of property website Zoopla said: “For those looking for a new property development, this historic water tower has the potential to become a truly spectacular home.
‘Not only does it benefit from an idyllic landscape, but the existing tower also has historical references and was once used to supply water to the local castle.’