IT has unrivalled sea views and guaranteed privacy - but it might not be every homeowner's dream.

Solent's Spitbank Fort is back on the market for brave buyers and it's a snip at a reduced price of just £500,000.

The vast and unusual property, which sits out in the middle of the Solent a mile from the entrance to Portsmouth Harbour, has been used as a corporate venue, hosting wedding receptions, conferences and private parties, but now it is up for grabs at £250,000 less than the original asking price after a previous sale fell through at the last minute.

Estate agents Vail Williams, at Southampton, said they are expecting a lot of interest in the unique property, which could even be converted into a private home.

Jeremy Lear, at Vail Williams, said: "When the fort went on the market last year, we had 450 enquiries and 25 sets of people viewed it. We are now contacting those people to see if they are still interested now it is back on the market - £500,000 for such a substantial property is not a lot."

As a Grade II listed ancient monument, which was built back in 1878 along with three other similar fortifications known as Palmerston's Follies, the fort is steeped in history.

It has a one-bedroom apartment and an observation room and boasts unrestricted 360-degree views of the Solent and the Isle of Wight.

As a venue for corporate events, with a licensed restaurant holding a capacity of 170, the fort has previously drawn in more than 25,000 visitors a year.

It is a successful tourist attraction and visitors can catch a small boat from Gunwharf Quays to get to and from the landmark.

There is plenty of scope for those looking to set up a pad on the ocean waves - so long as alterations are run past English Heritage, due to the fort's listed status.

Mr Lear said: "The fort could be converted into a private home if someone had the commitment to work on it.

"It already has a small apartment there and it would be quite easy to extend it."

SPITBANK FORT:

Spitbank Fort was completed in 1878 and took 16 years to complete along with three other forts known as Palmerston's Follies.

The fort used to billet 150 soldiers.

It is built entirely of granite blocks.

The building has a maximum diameter of 49.38 metres or 162ft.

The outer walls are specially shaped to achieve the perfect 360 degree circular structure that has stood the ravages of the sea for more than 100 years.

The walls are 15ft thick with more than two feet of armour plating and the roofs and floors are eight feet thick.

There is a fresh water artesian well capable of pumping 23,000 gallons of water a day.

The fort adjoins the main harbour fairway with yachts, motorboats, naval ships and cruise liners passing just yards away.