A water tower featured on Grand Designs that went £1,500,000 over budget has remained unsold for eight years, prompting the owners to cut the asking price by £4m. The 10-storey tower in Kennington, South London, is now listed for £2.75m, down from its original £6.5m price in 2018.
A Victorian landmark with a costly renovation
Described as a 'monster, a beast, and a crumbling giant', the Victorian tower appeared on the 100th episode of Grand Designs in 2012. Property developer Leigh Osborne and his partner, Graham Voce, bought the building in 2011 for £380,000, expecting renovation costs of around £600k. The final bill, however, reached £2m, and host Kevin McCloud dubbed the finished project a 'jaw-dropping showstopper'.
What the £2.75m asking price buys
The property is listed on Rightmove as 'an astonishing series of staggered spaces that soar to dramatic views of the city.' The listing highlights five double bedrooms and four bathrooms, an original Yorkstone staircase, a lift tower with glazed bridges, and a glass and steel extension called the Cube with an open-plan kitchen and reception room. The crowning feature is the Prospect Room, created within the original cast-iron water tank, offering panoramic views across Westminster, the London Eye, the City, the Shard and Canary Wharf.
According to Grand Designs Magazine, the renovation included £240k for glazing, £60k for scaffolding hire, £25k for foundations after workmen had to dig deeper than expected, £25k for an air-source heat pump, and £35k for a high-tech audio-visual system. The tower was originally built in 1867 to supply water to the nearby Lambeth Workhouse.
