Absan Khan the Chief Executive Officer of the association said the riverside property had immense historic value and that any proposals for the building would be discussed with the local council.
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"It's great news that Loreburn has been able to secure this important building for the town," he said "We would like to preserve as much of the garden as possible because that is the real link with JM Barrie."
"I would also like to see some sort of link to Peter Pan - a visitor centre or something like that," Mr Khan added.
Two of JM Barrie's childhood friends lived at Moat Brae, Dumfries, a place he later credited as his inspiration for Peter Pan.
(GK/JM)
