The Bait Depot was constructed in 1947. It is situated at 16 Lower Water Street, which fronts onto the Grand Bank Harbour, in the rural community of Grand Bank. The building is a one-storey masonry structure equipped with all refrigeration and freezing equipment, which was used during the processing of fish in the 1990s when the Bait Depot was in full use.

The Bait Depot was operated by the Federal Government until the early 1990s. The Federal Government then entered into an operating lease with Harold Rose, who continue to operate the Bait Depot until 1998, when it closed its doors. The property is currently owned by the Town of Grand Bank, which has recently completed renovations to the building to accommodate various events, such as the Summer Festival programs, etc.