The Trust will aim to raise funds which will be used for the restoration of the historic building, the last surviving building of its kind in the area.

Councillor Simon Mountford, portfolio holder for Planning and Community Assets, said: “This is a fantastic opportunity for the Trust to develop and restore a local building that has great historical significance.

“Throughout the years the building has been used for several purposes, originally as part of the railway, and after that the local coal merchant’s office. It has been a focal point for the town for decades and returning the building back to its former glory will undoubtedly be a positive for the local area.

“The transfer of this building has been made possible through Community Asset Transfer, which is a great way for groups and communities to realise their ownership ambitions by taking on the operation of land and buildings to deliver services and benefits to the local community.”

Malcolm Bruce from Peebles Community Trust said: “Peebles Community Trust volunteers have worked for a number of years towards this moment, first by obtaining a long lease on the building and carrying out some necessary repairs and then more recently by making the application for transfer of ownership.

“We are only too well aware that a lot of work will be required to bring the building properly back to life but we are committed to doing what is required to heritage standards thus protecting the history of the building and in particular the railway past.

“The coming of the railway to Peebles in the 1800’s brought wealth and prosperity in abundance and we intend to respect that in the way we refurbish the building. No decisions have been taken regarding the final use for the building and we would be happy to hear any ideas people may have.”