The name "The Old Hatchery" refers to a former salmon and sea trout hatchery on the shore of the Bay. The Waterville Trout and Salmon Hatchery was an initiative of the Waterville Trout and Salmon Club, which was dedicated to the development of the fishing industry in the region.
The white building in the photo is most likely the former manager's house or workshop of this hatchery, which was later converted into a residence.