Low Matlock Wheel is first mentioned in 1732, when James Balguy leased some land to build a cutlers wheel. The size of the wheel and the number of grinding troughs were left to his discretion, and so were not mentioned in the deeds. By 1825, the site was described as having three works, the first containing two tilt hammers, the second, two forges, and the third, two more tilt hammers and a plating hammer. The site was extensively damaged by the 1864 flood, and the owners put in a claim for over £5,000 to repair the damage. The present buildings carry the date 1882, and the rolling mill is a grade II* listed structure. Water power continued to be used until 1956, after which much of the internal machinery was retained but adapted to allow electric power to drive it. Following the sale in 1999 of most of the site for development, the rolling mill was bought by Pro-Roll Ltd, who were using teams of four men to roll high-value bar by hand in 2006. An archaeological excavation of part of the site took place in 2001, prior to redevelopment.