The Bridgnorth Cliff Railway in Shropshire has been sold to a property developer.
The historic line, which links the Low Town area of Bridgnorth near the River Severn to High Town, is believed to have been sold for £700,000.
Suffolk-based property developers the Tipping family have bought the line from previous owners Jean and Allan Reynolds.
The Tippings run an established property investment trust with real estate interests in different parts of the country.
Chairman of the trustees Eileen Tipping, said: “This is a very exciting opportunity for our family. We have had long associations with Hong Kong and see this purchase as a chance to own our own mini version of Hong Kong’s famous Peak Tram.”
All share capital in the Shropshire railway’s operating company, The Bridgnorth Castle Hill Railway Company Ltd, which was founded in 1890 was included in the protracted deal.
Mrs Tipping and her son Malvern became the cliff railway’s new directors when contracts were signed at the end of last week. Another son, Jason, was appointed company secretary.
The family has promised to maintain the cliff railway as a going concern linking the Low Town area near the River Severn and High Town with its shops and offices.
It transports up to 2,000 passengers a day on 200 journeys on a steep track up and down 111ft sandstone cliffs. Tickets cost just £1 a trip.