The project - thought to be the first ever involving the reuse of a 'Braithwaite tower' - will create three storeys of new living space within the existing 16m-tall structure.
Three double bedrooms and a bathroom will be suspended below the main tank, which will be 'transformed into an open-plan living space with extensive views over the countryside'.
There are also plans for a new roof terrace and, at ground-floor level, a new entrance lobby, WC and utility area.
According to the design statement released by the practice, which was set up by former Hopkins architect Stephen Luxford in 2003: 'A vertical circulation zone is [to be] created to the rear (north) of the lower steel frame, as a compact stair that weaves in and out of the existing tower structure.
'It serves new floor plates set within the frame and enters the underside of the existing tank structure, where it overhangs the frame.'
Included within the planning permission are proposals for a 'domestic scale wind turbine and solar panels'.