Mrs Gregory, 35, said she bought the chimney as a birthday surprise for her husband, who only found out about it after the successful purchase.
She said Mr Gregory always wanted to convert either a water tower or chimney into a space to live.
“Subject to planning permission, we want to turn it into a quirky studio and make sure it is enjoyed for years to come and stay a part of history,” Mrs Gregory added.
She said she was “gobsmacked” that she bought the chimney for less than its £5,000 guide price.
“It was unbelievable and I was surprised because I thought I would be in a bidding battle for it,” she added.
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