FOR sale: An imposing four-storey riverside property built from the timber of an 18th century American ship and for more than 150 years used as a watermill.

One of Wickham's most historic landmarks - the Chesapeake Mill - is on the market, but no price has yet been put on it.

Instead Hampshire County Council, which took over the Georgian building from The Tappenden family five years ago, is inviting prospective buyers to make their own offers.

Historians and local residents had hoped the Grade II listed mill could enjoy a new lease of life as a museum, craft centre and tourist information office.

But the council says it is selling up because it will cost too much to carry out the £1m of repairs necessary.

Now the Bridge Street mill, dating from 1820, looks set to be turned into offices, a hotel or restaurant.

Barry Marson of The Wickham History Society said: "We have known for a while that the council was thinking of selling it off.

"It is of quite considerable historical importance as timbers from the captured US frigate Chesapeake were used to build it.

"We would have liked to have seen it opened up for the community, but that is not going to happen."

The council has drawn up a planning brief safeguarding the building's architectural and historic features and ensuring public access is maintained to some parts.

County council leader Ken Thornber said: "The county council fully recognises the importance of the property, not only locally, but nationally and internationally, particularly in the USA."

He said he hoped a new use could be found for the mill which would continue to reflect its historical value.

"Such use will need to be economically viable in its own right and able to safeguard the Mill in the long term."

While the council is selling the lease of the mill, it will retain the freehold.

The building has been derelict for the last 18 years.