An historic landmark with no reserve price was sold at auction on Thursday for £330,000.

The disused water tower called “Jumbo” in Colchester, Essex was auctioned with planning consent for a penthouse flat.

Several schemes to develop the 131 ft landmark, which was taken out of commission in the 1980s, have failed.

A “Save Jumbo for Colchester” group, had attempted to buy it for the town but lost out to a property developer from Sudbury in Suffolk.

Speaking after the auction, developer George Braithwaite said he had not decided how to use the property.

The auction was held at Cumberland Hotel in London

Posted: 02|21|06 at 10:56 am. Filed under: Property News.