Penrice Mill stands in Mill Wood, an ancient woodland, part of the Penrice Estate. It was landscaped during the 18th century. The original mill was built well before the 15th century, though the remains of the current mill date to 1785. Built at a cost of £154, 4 shillings and 4.5d (£9100, 11080€, US$15160 in todays money) it is not in exactly the same position as its predecessor. The mill wheel which was located in the west of the building was fed from a leat from a shallow resevior on the upper side of the building. It was last used in 1891 a year after the death of its owner Christopher Mansel Talbot FRS. North east of the mill, surrounded by a safety fence, are the remains of the circular Mill Wood Fishpond. Divided into four sections by stone walls, two of which contain the remains of sluices. Fish would have been kept here in readiness for the kitchens of nearby Penrice Castle. The woods were bought by the Forestry Commission in 1956. Since then new species have been planted, Western Hemlock, Norway Spruce, Silver Fir and Beech. Recently work has been carried out to reduce the Rhodedendrons and other non native trees and replace with more local broadleaved species like oak etc.