Bargain £75,000+ guide price for 13 apartments at Nottinghamshire water tower site

A stunning water tower in Nottinghamshire with approved plans to create 13 luxury apartments goes under the hammer at Bond Wolfe Auctions’ next auction in Birmingham on Tuesday 10 September.

The landmark art deco building stands 26 metres high and sits on an L-shaped site of approximately 0.37 acres of land on Goldstraw Lane in Fernwood, near Newark.

Permission has been granted for two apartments in the existing water tower, three new-build units within proposed “wings” to the tower, a further eight apartments in two courtyard blocks and 19 car parking spaces.

The exclusive development opportunity has previously been unsuccessfully offered for sale with a starting price of £130,000+, but newly appointed auctioneers Bond Wolfe Auctions have now given it a competitive guide price* of just £75,000+.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “While this iconic water tower site requires substantial investment, it has approved plans for what is an impressive development opportunity.

“We have already received interest in this lot, and we expect there will be fierce bidding to purchase it on the day.”

Work started on building the original water tower in the 1930s, but this was halted by World War Two and it was not finished until 1957.

It became a familiar landmark on the former Balderton Hospital site, an area that has since emerged as the popular Fernwood residential development near Balderton village, two miles south of Newark.

The building has been unused for the last 50 years and various plans, including potential demolishment, have been rejected in the last 20 years as locals are keen to see it preserved.

Newark and Sherwood District Council finally gave planning approval for the site’s development into 13 one and two-bedroomed luxury apartments in September last year, with no Section 106 or similar payments to be made.

Mr Bassi added: “This unique building could become one of the most desirable addresses in the area once it has been converted to apartments.”

The landmark water tower will appear in Bond Wolfe Auctions’ next sale on Tuesday 10 September at 10.30am at the regular venue of the Holte Suite at Aston Villa FC in Birmingham.

To discuss selling property by auction or for more information about our property auction Nottingham, please call Bond Wolfe Auctions on 0121 312 1212, email [email protected] or click here to arrange a free auction appraisal.