The Sark Property Company is not going to move forward with its plan to acquire a large portfolio of real estate in Sark.
The Company had received binding commitments for investment from more than 100 investors and was attempting to purchase the portfolio of commercial and residential properties owned by a trust of the late Sir David Barclay.
Swen Lorenz, CEO of the Sark Property Company, said: “Sadly, we were not able to agree on a price with the current owner. Our offer of £20m 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.”
Christopher Beaumont, Seigneur of Sark and Director of the Sark Property Company, said: “This is not the outcome we had hoped for. The opportunity to secure a future for Sark, which was clearly supported by a large majority of the population, has been lost for the time being.
“I enjoyed the chance to consult world-renowned experts like The King’s Foundation, the Eden Project, the Duchy of Cornwall, the International Group and many others, and bring them to Sark to see the island and our vision for its future. It was abundantly clear from our encounters that the charm of Sark was easy to sell, all could see what we were trying to achieve and were willing to help us deliver.
“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. I, and many other Sark residents, look forward to hearing the plan and seeing the trustees make overdue improvements to their estate. I still believe that Sark Property Company’s proposition was the best one for the future of Sark, but will of course work with anyone who wants to give our island and its people a proactive and sustainable plan for their futures.”
The Sark Property Company has informed its financial backers that it will not make use of the money they committed. Its board has decided that it will wind down its activities but keep the legal entity in place. The Sark Property Company may revisit the situation in 2026, but only under specific conditions.
Swen Lorenz (pictured) said: “Sark needs a strategy for its future and if the opportunity came up again to negotiate for the estate we would be interested, but only under specific pre-agreed conditions such as a binding commitment to sell at that price or an auction process. We’d also be looking for official support from Chief Pleas, to make it clear that there is openness to work with those who want better for the island.
“We thoroughly enjoyed working with the multitude of collaborators, partners, and service providers who supported us in this endeavour. Many residents of Sark and Guernsey approached us to applaud our efforts to help Sark move forward. This type of transaction doesn’t always pan out, but we are pleased that we tried to make a positive difference for the island.”
