Cornish village of Trevalga sold to billionaire real estate family
Watch Kathy Wardle's report here.
The Cornish village of Trevalga which was on the market for £16m has been sold to the William Pears Group.
The firm is a major financing and real estate group founded by the billionaire Pears family.
In a brief statement on behalf of the trustees, estate agents Savills which handled the sale told ITV News: “The trustees of the Gerald Curgenven Will Trust confirm the sale of the Estate of the Manor of Trevalga in North Cornwall to Castle Lane Securities Ltd, which is part of the William Pears Group.”
The Pears family have been investing in property since 1952 when it was founded by Bernard Pears and his son, Clive.
Today the business is run by Sir Trevor, Mark and David Pears who are listed as company directors of Castle Lane Securities Ltd.
The sale of the 1,199-acre estate sparked controversy last summer when it went on the market for the second time in a decade.
Dubbed "The Battle for Trevalga," tenants in the tiny village near Boscastle had raised concerns about what the sale would mean for their rented homes.
Tenant of 28 years Peter Pracownik who lives in the estate's cliff-top manor house said he's hopeful the new owners will be a positive step.
Peter told ITV News: "Their deal is to make sure everybody remains where they’ve always remained and all the repairs will be done. It will take a while because there’s a lot of repairs, my house alone £50,000 won’t put it right because it’s so bad, but they’re working on that as well for me."
Cornwall Councillor for the Boscastle and Camelford area Barry Jordan told ITV News he wants to know more details about the new owner's plans for Trevalga.
Cllr Barry Jordan, Cornwall Council, said: "The residents need security of tenure, they need to know they’re going to be safe in their properties and not be kicked out in 12 months' time. The most important thing to me is that they’re looked after, they’ve been here a long time and families before them, it’s been going on for years."
Sales particulars for the "Manor of Trevalga" describe the estate as "including 6 let farms, 17 further houses and cottages, 2 of which are vacant, and a range of miscellaneous property including barns with planning potential."
Many of the homes are let on assured short-hold tenancies, with some families having lived in the hamlet for generations.
Prior to the sale, Trevalga was looked after by the Gerald Curgenven Will Trust. In 1959 Gerald Curgenven left Trevalga to his former school Marlborough College, in Wiltshire.
It receives the rental income, with the charitable trust overseeing the estate.
In June 2022, the Trustees of The Gerald Curgenven Will Trust wrote to all the tenants of the Manor of Trevalga to tell them they were selling the estate.
Following concerns raised by tenants over the validity of the sale, the Charity Commission was called in to look at the case. In September 2022, it concluded that trustees had acted in compliance with their legal duties.
In a statement, the Charity Commission said: "This has been a period of great uncertainty and anxiety for the residents of Trevalga and I know that this outcome will come as a further disappointment for those impacted.
"However, having thoroughly assessed the matter, we have concluded this is not a matter in which the Commission can intervene.
"In this instance, we are satisfied that the trustees’ decision-making and the process followed have complied with the law and our guidance. It is therefore right that we have concluded our case."
At that time, trustees for the Gerald Curgenven Will Trust told ITV News that the estate was no longer financially viable, and that it did not have the funds to improve the many period properties let out to residents.
ITV News has contacted the William Pears Group for comment.