There is relief as Gosport Waterfront has kept 18 million funding for a “vital” regeneration programme at the Rum Store in Victoria Quay. 

Leader of Gosport Borough Council Peter Chegwyn (Lib Dem, Forton) said the council was fortunate to have kept its levelling up funding and not had it taken away by the new Labour government, like other local authorities.

In November last year, Gosport Borough Council was awarded £18 million of government levelling-up funding (LUF) to renovate the historic Rum Store as part of Gosport’s waterfront regeneration.

The Rum Store was built as alcohol, sugar and beer storage for the sailors at Portsmouth Naval Base 150 years ago but fell into disrepair. It will be partly demolished and renovated to include a rooftop terrace bar and restaurant, with panoramic views across the harbour.

Costing £22m, the revamp would see the grade II-listed building turned into a place for people to work, with shops and businesses creating between 150 to 200 jobs.

Cllr Chegwyn said: “It is a crucial scheme for Gosport and the funding vital for this. It is very important that residents have a sense of ownership and we really involve people. We will consult the public fully.”

By creating community-friendly spaces the project aims to improve and support the residents’ quality of life by using interactive play areas, public heritage, and installations. 

The plan is to open up the waterfront and link in Clarence Yard which will hopefully stimulate investment in the area, said Cllr Chegwyn at the council policy and organisation board meeting on November 27.

Councillor June Cully (Lab, Harbourside and Town) said: “Gosport’s biggest asset is its coastline and heritage and this project is an ideal way to link both together.”

The designer is expected to be announced by January 2025, said the officer’s report.