Peebles Community Trust, which had hoped to acquire the Georgian Kingsmeadows House for the benefit of the local community, has learned that its bid for the property has been unsuccessful.
Built in 1795 by Sir John Hay of Smithfield and Haystoun, 6th baronet, Kingsmeadows was the principal seat of the Hays of Haystoun before it was eventually acquired by Standard Life, the insurance giant, who used it as a repository for documents and staff retreat. Standard Life has been marketing the property, valued at £2.5 million, since 2009.
Marketed by Savills, the exclusive property agency, the estate comprises the main house, 19 acres of policies, a four-bedroomed gate lodge and a stable block currently divided into holiday apartments. It is situated in a spectacularly beautiful location on the banks of the River Tweed.
A spokesman for Peebles Community Trust said that Savills had informed them that their bid had failed, but the identity of the successful buyer has not yet been revealed.