Select a region
Estate agents have been called in to help sell off more than 100 properties owned by the Barclay family on Sark – ranging from homes to hotels, restaurants and pubs – in what could be a transformative moment for the tiny island.
The late Sir David Barclay and his twin, Sir Frederick, began buying substantial amounts of property in Sark in 2007 having purchased the tenement of the island of Brecqhou in 1993, where they built a mock-Gothic castle.
The Sark estate is around 20% of the island’s surface area, includes more than 80 residential properties, five hotels, 19 commercial properties, and land ranging from building lots to agricultural.
The property portfolio includes the likes of the Aval du Creux and Dixcart hotels, Bel Air and Sark Estate Agents.
Several of the Barclay-owned hotels had been closed since 2014, but, after the Barclay family launched a new brand for their properties – The Sark Estate – they began to reopen in summer 2022.
It’s understood that the estate is currently owned by Telegraph co-owner Alistair Barclay, the youngest of the late Sir David Barclay’s four sons, who has been threatened with bankruptcy.
High Court documents published in January said that Mr Barclay is alleged to be in default on nearly £1m of borrowing from Investec, which only gives accounts to people with net wealth of more than £3m.
The finance house is now seeking to have him declared bankrupt.
The Telegraph reported last week that the 34-year-old has now approached Knight Frank to help with the sale.
Sark Property Company – whose Directors have spoken of creating a "utopia" on the island – declared in November that it was preparing a cash bid to buy the estate.
A property transfer tax of 7.5% will apply in Sark from 1 January 2024, so any purchase would result in a large boost to Sark’s public finances.
Pictured: One of the more prominent dilapidated properties in Sark.
If successful, Sark Property Company will subsequently look to launch an initial public offering on the London Stock Exchange. This is tentatively planned for spring 2025, and a local listing on The International Stock Exchange (TISE) could then follow.
One of the company directors and Seigneur of Sark, Christopher Beaumont, said a sale should lead to new job opportunities and that there was also an intention to invest in affordable housing and create a mortgage programme.
He previously said he hoped a sale would bring a "difficult period" in Sark's history to a close. Last week told the Telegraph that the Barclays’ legacy was “one of destruction” and claimed that some properties in the portfolio had been left to deteriorate.
Pictured: Christopher Beaumont and Swen Lorenz, Directors of The Sark Property Company.
Swen Lorenz, also a Director, said that the company had pledged to be “the most transparent organisation on Sark” and that free shares would be set aside for every permanent Sark resident if the sale goes ahead, “so they will have a stake in this whole venture being a success”.
It comes at a moment of change for Sark.
Last year, the Prince's Foundation – set up by the now-King Charles – carried out a 'Visioning Exercise' in Sark to explore ways of supporting the small community.
The Foundation – which is credited for its work on Poundbury, Dorset, which was named "one of the best places to live" by the Times in 2023 – was invited to Sark by the Sark Property Company.
Pictured: A meeting with representatives of the Prince's Trust was held at Sark's Island Hall.
Plans to set up a new publicly-backed electricity company in Sark are also moving forward, with UK firms now selected to design the new grid, so long as cash is provided for that process.
Then last month recruitment closed for a new Senior Executive Officer.
The role is a new one, and the chosen individual will be responsible for leading the transformation of the civil service and engaging with the community – in return for £55,000 per year in tax-free cash.
Would you take £55k tax-free cash to help steer Sark?
£8.6m Sark renewables project moves forward
INSIGHT: £100m dream for a Sark "utopia"
FOCUS: The Prince's Foundation's 'new vision' for Sark
Comments
Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.