Viewers of Grand Designs will often watch how projects can turn into vast money pits as the cost of turning a property dream into reality begins to mount up.
With this abandoned underground reservoir on the outskirts of Alsager, the conversion didn’t even get off the ground despite being filmed for the hit Channel 4 show.
The property is called Ridley Reservoir and it is going to auction later this month with a guide price of £600,000. It failed to sell last year when it had a price tag of £850,000.
The current owner refused to comment after being asked if he had run out of money.
Following a year’s worth of ground work, this old reservoir building is heading to auction, with a new owner required to complete the ‘Grand Designs’ project
The cost of building supplies and mortgage rates have soared compared to pre-pandemic.
The reservoir was decommissioned in the 1960s and was set to be transformed into a luxury four-bedroom family home.
The living space was expected to include a refurbished buried water tank, as well as a swimming pool, cinema room and roof terrace.
With planning permission approved in March 2019, the current owner set the foundations for the build, with the property’s walls and driveway excavated from the original landscape.
Spanning 8,000 square meters, the ambitious project caught the attention of Channel 4 bosses, with Kevin McCloud paying the site a visit as part of filming for Grand Designs.
However, after a year’s worth of ground work, the old reservoir building is heading to auction, with a new owner required to complete the build.
Ridley Reservoir failed to sell last year after being put on the market for £850,000 and has now been reduced in price in a bid to find someone to take on the unique project.
The unfinished development will be offered in an online auction on Monday, January 22 at 1pm, with bidding open for 24 hours.
The unfinished development will be offered in an online auction on Monday January 22 at 1pm, with bidding open for 24 hours
North London estate agent Jeremy Leaf said: ‘Given the background of the property, it has received a lot more publicity than it would otherwise have done but if you are considering buying, you shouldn’t let any of that cloud your judgement.
‘The usual rules apply in terms of going into any purchase with your eyes open and making sure you check it out from all angles before the hammer comes down.
‘As with any auction, if you successfully bid on the day, then you are committed to the purchase and any problems that subsequently arise with the property are yours to deal with.
‘With regard to structural issues and utilities, the water connection sounds dubious to say the least.
‘But then if everything is working as it should and passes those tests, the awareness that has been generated around the property could considerably enhance its eventual value and saleability when the work is done.
‘It definitely has the rizz factor but it probably isn’t for the faint-hearted.’
The estate agent Handling the sale, Auction House, said the project had been filmed for Grand Designs, the Channel 4 show hosted by Kevin McCloud (pictured)
Situated off Merelake Road on the edge of the small market town of Alsager – which is in Cheshire – the site is just over the Staffordshire border.
The reservoir backs onto Alsager golf course and is surrounded by picturesque open countryside.
Auction House, which is the estate agent handling the sale, explained in its marketing literature that the sale is ‘an amazing Grand Designs opportunity’.
It added: ‘This is a project for someone with great vision, boasting over 8,000 square meters of property.
‘Set in rural part of Alsager with extensive views, it has development potential perfect for a builder/developer or homeowner looking for their family home to make their own.’
