Sark Property Company has submitted a cash bid for the Barclay Estate.
It comes as the company – set up last year by 23rd Seigneur of Sark Christopher Beaumont and entrepreneur Swen Lorenz – said they wanted to buy the island estate, previously owned by the billionaire Barclay brothers.
Sark Property Company’s proposed purchase would buy the properties that make up around 20% of the island’s real estate.
This includes 80 residential dwellings, 20 commercial properties, four hotels, and 139 acres of land.
A trust of the late Sir David Barclay, who died in 2021, currently owns the Sark estate.
While an exact figure has not been provided, Sark Property Company believes their offer reflects the “market value for the estate” as well as a premium.
Knight Frank, the current owner’s advisor, has confirmed that the company’s bid will be passed on to the trustees of Sir David Barclay’s estate for their consideration.
Christopher Beaumont, Director of the Sark Property Company, says: “It’s taken a lot of work to get to the point of submitting a bid, but that time and effort has been well spent building an investment proposition that would give Sark a better future.
“Our bid is backed by cash, our investment case is solid, and our intention is to create the right environment for Sark to thrive.”
The bid hopes to help Sark with its housing shortages, financial challenges, and insufficient facilities following the closure of several hospitality outlets in 2014 in protest at how the island was governed.
Sark Property Company also say that the transaction will be subject to the island’s Property Transfer Tax of 7.5%, meaning Sark would see an immediate cash boost,
The company’s CEO, Swen Lorenz says the offer is only valid for 30 days.
He explains: “Even though there can be no guarantee that a transaction will take place, we are confident that our bid will make for a compelling proposition.
“If a transaction is agreed, we will be looking to work with all Sark inhabitants and businesses, including the owners of Brecqhou, to help build a successful, resilient Sark.”
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