With the deal now completed, plans are in place to redevelop the one hectare site with a new hotel, restaurants and housing.
The Burgh Yard formerly housed a petrol station and associated garages and workshops before the new road – Braw Lads Brae – was created in 2010 as part of the Galashiels Inner Relief Road scheme.
Bill White, Vice-Chairman of Energise Galashiels, said the redevelopment of the site is "another exciting milestone" for the town.
"During recent months we have seen a number of projects coming to fruition, such as the Great Tapestry of Scotland, the development of a town centre Business Improvement District (BID) for Galashiels and announcements on a number of new employment and retail opportunities in the pipeline," he said.
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"Galashiels is a town full of potential. We are delighted that the message is getting out and that the future looks very bright."
Jim Turnbull, Managing Director of Ramoyle Developments, said: "We are pleased to have secured this significant opportunity at a very exciting time for Galashiels and indeed the Borders region.
"It adds to our currently expanding development programme and we look forward to the early completion of the mixed use project which we are sure will add materially to what is on offer in the town."
Cllr David Parker said: "I am delighted that the sale of the Burgh Yard has now been concluded and that the promise of a new hotel, restaurants and additional affordable housing is a step closer for Galashiels.
"Since the opening of the Borders Railway, there has been increased activity and investment in the Scottish Borders and recent positive tourism figures underline the potential that the railway can bring to our region.
"Over the next five years I expect further positive announcements and increased investment Borders-wide."
(LM/CD)
