RPSI chairman Johnny Glendinning said the agreement represented a further milestone for the Society, which now owns 12 historic steam engines and a fleet of more than 30 carriages.

"This agreement gives us security of tenure which is important as we make plans to expand our range of activities at Whitehead and develop the tourist potential of our headquarters," he said.

Alderman Hilditch expressed his belief in the RPSI's importance to the tourist trade in the Carrickfergus area. He added, "I am pleased by the way in which the Society has flourished over the years. I look forward to seeing the Society going from strength to strength at Whitehead.

"Its activities, which range from the Easter Bunny train rides to the Portrush Flyer and the summer train rides at Whitehead, are already proving to be a popular attraction and are bringing many extra visitors to the area each year."

Mr Glendinning paid tribute to those whose co-operation has allowed the RPSI to flourish in this way. "We are grateful to Carrickfergus Council and its predecessor Whitehead Council for their encouragement to us since we arrived in Whitehead in 1966," he said.

"We appreciate the fact that Carrickfergus Council has been able to accommodate our application to buy out our lease and I would also like to record our gratitude to RPSI member Peter Montgomery who has helped to provide the financial support we needed to complete the transaction." Mr Glendinning also extended his thanks to Northern Ireland Railways and Iarnród Éireann for their constant efforts to facilitate the Society's activities and for providing professional crews to operate the steam trains.