The 116-year-old society's purchase of the former Fitzroy Hotel, which was founded in 1884, ends an eight-month mortgagee sale of the once popular ''Fitz'', a pre- and post-Carisbrook watering hole for generations of Dunedin rugby fans.
The society's new president, Ruth Lawson, said it was ''very excited'' by the purchase, and would be upgrading, but not redeveloping, the premises.
''It's a very sturdy building. We'll redecorate some rooms and brighten things up,'' Dr Lawson said.
On the question of mingling philosophy and pints, Dr Lawson said the society would not be reopening the bar, but was considering leasing out the commercial kitchen and some, or all, of the hotel's rooms to businesses.
The move was decided on because the society's present CBD building lease was up for renewal and its capital was being depleted in the low-interest environment.
She had professional advice the building's earthquake rating was beyond the minimum required in the building code and was ''confident it's in good order'', Dr Lawson said.
The hotel, which had been renamed the Fitzroy Pub On The Park, had a rateable value of $580,000. Dr Lawson would say only that the society got a ''good deal'', because of the mortgagee sale status.
The property comprises 864sq m of commercially zoned land, on three titles, and has a building floor area of 530sq m, including bar, dining areas, manager's flat and accommodation.
Dr Lawson said aside from providing a library and rooms for yoga, meditation, film viewing and meetings, rooms could be available for other groups.
An auction or garage sale of numerous unwanted chattels was likely, she said.
The hotel was subject to a claim of debt of more than $1 million against one of its former owner-operators.
The SBS Bank mortgage over the hotel was held against a property in Glenorchy and the Fitzroy, which was put up for mortgagee sale in May.
Another owner-operator was sentenced in August to community detention and community work, having admitted three charges of theft by a person in a special relationship, after unlawfully withholding more than $20,000 in gaming machine profits.
