A historical building that once served as the Royal Navy’s central repository for rum rations could undergo a transformation according to new proposals.

Located in Gosport’s Victoria Quay, Hampshire, the Rum Store was constructed around 150 years ago as a storage facility for sailors at the Portsmouth Naval Base, but it eventually fell into neglect.

The renovation, estimated to cost £22 million, aims to convert the Grade II listed structure into a “mixed employment space” that will include retail and leisure units.

Set for completion by the summer of 2026, this project is anticipated to provide a significant boost to the local economy, generating £11 million annually and creating as many as 200 new jobs, according to the Gosport Borough Council.

The renovation aims to provide space for maritime enterprises such as yacht brokers and naval architects, as outlined in the plans.

Among the proposals is the potential addition of a rooftop terrace restaurant and bar, offering panoramic views of Portsmouth Harbour.

The project will include specialist repairs to the building’s historic structure, along with reconstructing the second floor that was lost due to bomb damage in World War Two.

Peter Chegwyn, the leader of Gosport Borough Council, expressed that the restoration of the Rum Store is a crucial aspect of larger initiatives designed to enhance the town’s waterfront.

“This initiative not only aims to rejuvenate a neglected historic structure, but it also aspires to establish a fresh commercial and recreational hub for the community to enjoy,” he stated.

“Our aspiration is to invite an increasing number of residents and tourists to experience a more integrated waterfront.”

Follow BBC Hampshire & Isle of Wight on Facebook, X (Twitter), or Instagram.