Context. The Isaac Newton Telescope Photometric Hα Survey (IPHAS) is currently mapping the Northern Galactic plane reaching to r = 20 mag with typically 1 resolution. Hundreds of Planetary Nebulae (PNe), both point-like and resolved, are expected to be discovered. We report on the discovery of the first new PN from this survey: it is an unusual object located at a large galactocentric distance and has a very low oxygen abundance. Aims. Detecting and studying new PNe will lead to improved estimates of the population size, binary fraction and lifetimes, and yield new insights into the chemistry of the interstellar medium at large galactocentric distances. Methods. Compact nebulae are searched for in the IPHAS photometric catalogue, selecting those candidates with a strong Hα excess in the r − Hα vs. r − i colour-colour diagram. Searches for extended nebulae are by visual inspection of the mosaics of continuum-subtracted Hα images at a spatial sampling of 5 × 5 arcsec 2 . Follow-up spectroscopy enables confirmation of the PNe, and their physico-chemical study. Results. The first planetary nebula discovered via IPHAS imagery shows an intricate morphology: there is an inner ring surrounding the central star, bright inner lobes with an enhanced waist, and very faint lobular extensions reaching up to more than 100 . We classify it as a quadrupolar PN, a rather unusual class of planetary showing two pairs of misaligned lobes. From long-slit spectroscopy we derive T e [Nii] = 12 800 ± 1000 K, N e = 390 ± 40 cm IPHAS makes use of the Wide Field Camera (WFC) of the 2.5 m Isaac Newton Telescope (INT) at the Observatorio del Roque de los Muchachos on La Palma, Spain. A narrow-band Hα filter (λ c = 6568 Å; FWHM = 95 Å) and two broad-band Sloan r , i filters are used for matched 120, 30, and 10 s exposures, respectively, spanning the magnitude range 13 ≤ r ≤ 20 for point sources. The survey area is covered in double pass, such that every pointing is repeated at an offset of 5 arcmin in both right ascension and declination. Pipeline data reduction and dataThe object, whose official name is IPHASX J012507.9+635652, is called as "Nebulosa de los Príncipes de Asturias" after its dedication by the Instituto de Astrofísica de Canarias to the Spanish Princes on the occasion of their wedding, which took place in Madrid on May, 22nd, 2004. distribution are handled by the Cambridge Astronomical Survey Unit (CASU http://archive.ast.cam.ac.uk/).IPHAS is the first fully-photometric Hα survey of the Galactic plane, and it will complement the recently completed photographic survey of the southern Galactic plane performed with the AAO UK Schmidt Telescope (Parker et al. 2005) http://www-wfau.roe.ac.uk/sss/halpha/index.html.IPHAS is expected to discover up to 50 000 new emissionline stars, including young stars (T Tau, Herbig AeBe stars, etc.), and evolved ones (post-AGB, LBVs, etc.), as well as different classes of interacting binaries (CVs, symbiotic stars, etc.) in addition to thousands of extended nebulae such as planetary nebu...