"We made the decision then to retain it, provided a suitable commercial use could be found and we are delighted to have found a tenant to work with on its restoration," he said. "It's exciting that people are now going to be able to experience the historic features of the building as they were at the start of last century."
The trust says the Lone Star theme will be based around the building's historic features including a grand central staircase, original timber floors, decorative pressed metal ceilings and match-lined walls.
An old ancillary building at the back will be demolished and replaced with a new kitchen and service facilities adjoining the main building.
An outdoor deck with a louvre roof and heating will be added on the southern side alongside a landscaped garden bar adjacent to the main indoor bar area.
Tom and Michelle Roseingrave had been working with Lone Star on bringing the franchise to Masterton for the past 18 months.
"When we came across the trust wanting to find a tenant for the building everything fell into place," Mr Roseingrave said. "Our own experience told us there was an opening in the market for somewhere fun to take the kids for a meal and for the after-work crowd who wanted a casual meal and a drink."
The restaurant will seat up to 90 people and separate function rooms will cater for 60 and 25 people respectively.
Mr Roseingrave said the business had the potential to employ up to 30 full-time and part-time staff, creating new employment in Masterton.
Lone Star director Shane Hausler said the company was excited to be coming to Masterton and looked forward to working to preserve and become part of the history of the town.
"We've been around 25 years and don't do anything in a hurry - everything has come together in this instance with a great site, landlord and franchisee.
"The strong rural elements of Masterton are a huge positive which we will combine with the history of the building in the restaurant theme. Masterton's great climate will allow an indoor-outdoor experience which is important to our operation."
A project team put together over the past 12 months includes local and out-of town builders, fit-out specialists, architects, and structural and mechanical services engineers.
The overall cost is expected to be $2.3 million with Lands Trust covering the strengthening and restoration and Lone Star the fit-out.
The building restoration is expected to be complete by August, with the restaurant opening shortly after.
Lone Star operates 24 restaurants throughout New Zealand, having established the first one 25 years ago in Christchurch.
