Viewers of Grand Designs will often see how projects can turn into huge money pits as the costs of realizing a real estate dream begin to mount.
With this abandoned underground reservoir on the outskirts of Alsager, the renovation never even got off the ground, despite being filmed for the popular Channel 4 show.
The property is called Ridley Reservoir and will be auctioned later this month with a guide price of £600,000. It didn't sell last year despite having a price tag of £850,000.
The current owner declined to comment after being asked if he had run out of money.
After a year of groundwork, this old reservoir building is being auctioned off, with a new owner needed to complete the 'Grand Designs' project
The cost of building materials and mortgage interest rates have skyrocketed compared to before the pandemic.
The reservoir was decommissioned in the 1960s and was to be converted into a luxury four-bedroom family home.
The living space is expected to include a renovated underground water tank, as well as a swimming pool, cinema room and roof terrace.
After planning permission was approved in March 2019, the current owner laid the foundations for construction, excavating the property's walls and driveway from the original landscape.
The ambitious project spanned 8,000 sq ft and caught the attention of Channel 4 bosses, with Kevin McCloud visiting the site as part of filming for Grand Designs.
However, after a year of groundwork, the old reservoir building is being auctioned off, requiring a new owner to complete construction.
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 project will be offered via an online auction on Monday, January 22 at 1 p.m., with bidding open for 24 hours.
The unfinished project will be offered via an online auction on Monday, January 22 at 1 p.m., 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 otherwise would have, but if you are considering buying you shouldn't let that cloud your judgement.
'The usual rules apply when it comes to making a purchase with your eyes open and making sure you look at it from all angles before the hammer falls.
'As with any auction, if you bid successfully on the day you are committed to the purchase and any issues that subsequently arise with the property are yours to resolve.
“As far as structural issues and utilities go, the water connection sounds questionable to say the least.
'But if everything works properly and passes the tests, the awareness created around the property can significantly increase its ultimate value and marketability once the work is completed.
“It definitely has the rizz factor, but it's probably not for the faint of heart.”
The agent handling the sale, Auction House, said the project was filmed for Grand Designs, the Channel 4 show presented by Kevin McCloud (pictured)
The site is located on Merelake Road, on the edge of the small market town of Alsager, in Cheshire, just over the Staffordshire border.
The reservoir borders the Alsager golf course and is surrounded by picturesque open countryside.
Auction House, the broker handling the sale, explained in its marketing literature that the sale is “an exciting Grand Designs opportunity.”
It added: 'This is a project for someone with great vision, with over 8,000 square meters of land.
'Situated in the rural part of the Alsager with extensive views, it has development potential, perfect for a builder/developer or homeowner looking for a family home to turn into their own.'