Chesapeake Mill, the landmark antiques, home furnishing and vintage goods venue near Portsmouth which is host to 47 independent traders, is to add two further floors of capacity and welcome additional tenants following strong demand for its space.
The expansion plans have been realised following more than £670,000 in finance from Cambridge & Counties Bank, with the new funding to be used by the current management team to build out the top two floors as well as simplify existing debts.
The management team, which have run the site for the past 23 years, were introduced to the bank by commercial finance broker White Oak UK.
Chesapeake Mill is an historic building which has been carefully maintained and adapted for modern commercial use. The building is named after the United States frigate Chesapeake, which was captured by the Royal Navy during the War of 1812, with timbers from the shop used in its construction.
Today, the Mill has become a highly regarded retail outlet displaying a huge and diverse number of interesting items, with some of its tenants having been in situ for 20+ years. The site currently has a waiting list of over 50 traders, attracted to its strong location and high footfall from both the general public, specialist buyers and visitors from overseas.
While the new finance will help repay existing debts, the funds will be used to open up and refurbish the upper floors so they can be fully let to new tenants on the waiting list, further increasing the value and attractiveness of the venue for all stakeholders. Improvements will also be made to the Heritage room to better inform visitors about the history of the building. The works are expected to commence during 2026.
Sandy Taylor, Director, Chesapeake Mill Ltd, said:
“We have seen ongoing demand for additional tenants and space so it’s very exciting to now be in the position to meet that demand from traders that wish to be at our exciting location. The Mill has both local and nationwide visitors and has even become a tourist attraction, often visited by people from the USA.
Scott Barber, Regional Director at Cambridge & Counties Bank, said:
“We are delighted to be supporting such a wonderful, historic business in the heart of its community.
“Our funding and support often allows our clients to both refinance incumbent debts and fund growth-focused improvements to a business, and it’s great to be able to support the long-standing, highly experienced team at Chesapeake Mill to do both.”