A 120ft tall water tower is for sale in Lewisham as an investment property with seven flats, an office and a telecoms mast at the top.
The entire site is on the market for £1.25million as a mixed-use investment, with the top two floors leased out to two telecoms companies taking advantage of the tall building for their mobile phone masts.
There are two flats in the Victorian tower, one studio with a mezzanine-level bedroom, and a one-bedroom flat with a basement, which the tenant currently uses as a music studio.
Five further flats are in the new building, which is also the access point for the upper storeys of the tower, via the connecting bridge.
Four of the flats were sold on long leases while three are held on assured shorthold tenancies and the building generates a total income of £71,000 per year, including £31,500 from the telecoms rental.
“This is a rarely available type of mixed use investment,” said Richard Pillow, director at SHW who are marketing the property.
“I haven’t ever sold or worked on anything quite like this before. A water tower conversion is not something that comes up every day and telecom-related sales are also uncommon.”
AN HISTORIC GEM
The late-Victorian Ladywell Water Tower in Lewisham was built between 1898 and 1900 by Earnest Newman, the founder of the Art Workers Guild, a professional body of artists, craftspeople and architects, which is still in existence today.
The yellow brick building also features red brick decoration, a moulded stone plinth and a huge green-painted cast iron water tank. It also originally had a 120-ft well, from which water was drawn to supply the laundry and local houses, as well as St Olave’s Union.
Most of St Olave’s Union has since been demolished and the water tower was bought by a new owner, who converted the by now dilapidated building into a one-bedroom maisonette with office and plant rooms above. They also added a new-build block of five flats connected to the tower by a bridge.