Barclay trustees reject £20 million bid to purchase 20% of Sark's real estate

AERIAL SHOT OF SARK CREDIT: ITV CHANNEL TELEVISION
Sark Property Company says they worked with Savills Guernsey to calculate the worth of the estate. Credit: ITV Channel

A £20 million bid to buy more than 100 acres of land in Sark has been rejected.

Sark Property Company Ltd. submitted a cash bid in October to purchase around 80 residential dwellings and 20 commercial properties from the estate of the late Sir David Barclay.

The company, set up in 2023 by 23rd Seigneur of Sark Christopher Beaumont and entrepreneur Swen Lorenz, submitted a £20 million cash bid to buy 20% of Sark's real estate.

The purchase hoped to "transform the island" by fixing Sark's housing shortages, financial challenges, and insufficient facilities following the closure of several hospitality outlets.

However, the property company now say the bid has failed as Barclay estate wanted a higher asking price.

They added the rejected bid was "not what [they] hoped for".

Swen Lorenz, CEO of Sark Property Company Ltd, said: "Our offer of £20 million was, we believe, a fair reflection of the portfolio’s value with a small premium on top.

"We worked closely with our advisor Savills Guernsey to calculate what the estate is worth, considering its current condition and wider factors like the challenging tourism situation for the whole of the Bailiwick.

"However, the asking price of the current owner was so much higher that there was no way to bridge the gap."

The Sark Property Company has also announced that in light of the decision, the board will wind down its activities but may revisit the situation in 2026.

Seigneur of Sark Christopher Beaumont said: "The trustees who are in charge of this portfolio have said that they are going to further develop the estate and this is a pledge that Sark desperately needs to see fulfilled.

Later speaking to ITV News, the Seigneur spoke of how he was anxious the plans put forward by the Barclay's to redevelop the island may not come to pass.

He said: "I'm slightly concerned that the plan won't come to fruition but time will we shall see. Time will tell."

"I, and many other Sark residents, look forward to hearing the plan and seeing the trustees make overdue improvements to their estate."

ITV News is awaiting a response from the Barclay estate.

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