The car park was previously leased to Town and Country Parking and then to Smart Parking until 31 May 2019 where upon it became vacant. The lease was advertised on the open market.
Horizon Parking Limited's offer was the highest financial offer received. Income generated through the council's property portfolio is used to maintain and upgrade council services.
Horizon Parking Limited is one of the largest established carpark management and operating companies with a number of locations in Scotland including pay and display locations and supermarkets. They have a proven track record in the management of car parks with over 3,000 car parks under its control across the UK.
The new lease begins on 1 October or as agreed between the parties.
Horizon has confirmed that current concessions for free Sunday parking will continue and that free disabled parking spaces will continue to be provided.