This sandstone structure dates from 1902 when it was designed by Herbert Baker for De Beer Cold Storage Syndicate, a meat outlet in Simonstown owned by Cecil Rhodes. From 1903 to 1921 it was used by the company's successor, the Imperial Cold Storage & Supply Co., who then sold it to the Standard Bank of South Africa. They established a branch in the building and used it as such until 1974 when it was converted into an exclusive restaurant.

It was declared a National Monument under old NMC legislation on 7 October 1983.