Context. The object K4-47 is a young planetary nebula that exhibits low-ionisation structures in the form of two 'lobes'. The unusual chemistry of the nebula has raised questions about whether K4-47 is a true planetary nebula or if the origins are more exotic in nature. Aims. We aim to investigate the spatially resolved structure of the nebula, including in the sub-millimetre, for the first time. We examined the kinematics, chemistry, and mass-loss history of the nebula and probed the stellar properties of the central system. Methods. We used a combination of optical imaging and spectroscopy and sub-millimetre interferometry as well as archival radio interferometric data to study the kinematics and morphology of the nebula and the differences between the atomic and molecular gas phases. Results. We found extended CO (2─1) emission towards the northern optical lobe, which shows a clear velocity gradient along the same position angle as the optical bipolar nebula. Comparing the elemental and isotopic abundances to model predictions, we estimate an upper limit of 6 kpc for the distance to K4-47. The source hosts a fast (∼350 km s−1) atomic jet and a slower (∼50─60 km s−1) molecular outflow that are spatially coincident. The outflow velocity implies an age of 336 ± 119 yr. Using atomic line diagnostics, we found that the core has an electron temperature and density of ≍20 kK and 2800 cm−3, respectively. We derived a Zanstra effective temperature of 81 ± 2 kK for the central star. We also observed evidence of a significant circumstellar component in the line-of-sight extinction to the source. The progenitor mass of K4-47 is estimated to be 4─6 M⊙, based on the comparisons of measured abundances with model predictions. The central white dwarf of K4-47 may have an approximate mass of 0.9─1.1 M⊙, following the initial-final mass relation of white dwarfs. The released material in the nebula is dominated by neutral atomic gas. Conclusions. The resolved molecular environment of K4-47 indicates that it was shaped by the asymmetric outflow now seen primarily in optical emission. The progenitor of K4-47 was likely an asymptotic giant branch (AGB) star, possibly a J-type carbon star. We also observed that shocks, possibly from the bipolar lobes passing through the circumstellar environment, may play a non-negligible role in the excitation of gas in the core instead of just in photoionisation. The analysis indicates that K4-47 is indeed a true, albeit peculiar, planetary nebula.