Peebles community's Kingsmeadows Estate buyout bid fails

The estate had been on the market for more than three years before the deadline for bids passed

A community bid to buy a Borders estate in an attempt to boost the local economy has been unsuccessful.

The Peebles Community Trust (PCT) had hoped to acquire the Kingsmeadows Estate which was on the market at a price of £2.5m.

A deadline for bids closed in July and agents said it had generated "considerable interest".

PCT co-ordinator Crick Carleton said they had been informed this week their bid had not been accepted.

"We do not at this stage know who the successful bidder is, or what their intentions are for the estate," he added.

The bid had received support from the Can Do Towns Innovation Challenge which aims to help revitalise town centres across Scotland.

Among the ideas being considered were alternative accommodation such as bothies and glamping facilities.

Fishing rights

The introduction of a cycle path and pedestrian bridge link to the town centre were also part of the plans.

The estate was for sale in two lots - one comprising a mansion house and lodge house and 17 acres of land including tennis courts and fishing rights.

The second lot included a stable block split into seven holiday cottages.

Savills, which marketed the estate on behalf of Standard Life, said it had generated significant interest from "commercial, residential development and community group buyers".

It had been up for sale for more than three years before the deadline for bids closed this summer.