The former Kendal Fish Farm at Ettrickhaugh Road had become a white elephant for Norwegian-based Marine Harvest, which has 7,500 employees worldwide, since it was forced to abandon plans for a smolt rearing facility.

That proposal, so close to the Ettrick Water, fell foul of the River Tweed Commissioners who feared the integrity of the indigenous Atlantic salmon, on which the economy of Tweed catchment depends, would be compromised if any cross breeding with the farmed variety took place.

The new owners are the father and daughter team of Alan and Phamie Beattie from Selkirk.

Trading under "It's Cauld Ltd", the pair concluded the deal with Marine Harvest on Tuesday.

The firm's name reflects the obligation on any owner to carry out major improvements to flood-damaged Murray's Cauld on the Ettrick Water which runs parallel to the site. The peppercorn price is testimony to the cost of that work, which has been estimated at up to £250,000

Mr Beattie, who told TheSouthern he had been in negotiation with Marine Harvest for some time, revealed his vision for the fish farm which is zoned for housing in Scottish Borders Council's new Local Plan. The site currently comprises two houses, a sprawl of outbuildings and overgrown former hatching beds.

He said plans were already been drawn up to convert some of the outbuildings into houses. Plots for new homes on the main part of the site would be prepared and sold on.

The water turbine shed, powered by the mill lade which runs north of the site, would be fully restored with the electricity generated sold on to the National Grid.

Repairing the cauld would be a priority, said Mr Beattie, although he believes this can be achieved at a much lower cost than previously estimated.

And he gave a commitment that a three-acre strip of haughland between the fish farm and the Ettrick could be made available for allotments free of charge.

"I think this is a good deal: good for Marine Harvest, good for Phamie and me, and good for Selkirk," he added. "I'm a great believer in luck and I find the harder I work the more luck I get."

For Phamie Beattie, 24, who works as a hairdresser in Melrose, it is her first venture into property development.

"It's very exciting to think we can transform such a run-down site into a lovely place to live for many people," she told us.

Meanwhile, Selkirk community council vice-chairman Dr Lindsay Neil welcomed Mr Beattie's free offer for allotments.

"I actually viewed the three-acre strip this week with senior officials from Scottish Borders Council and they believe the area would be an ideal site for allotments," said Mr Neil.