Sark investors looking for at least £20m

Much of the Barclay estate has fallen into disrepair

The group looking to buy the Barclay estate in Sark wants to raise at least £20m for the deal, with the hope it can get £30m by the end of November.

A prospectus for investment in the Sark Property Company has been registered with the Guernsey Financial Services Commission (GFSC).

The money is to buy 20% of Sark's land, including four hotels, 20 commercial properties and 80 residential homes, alongside several development sites.

The directors of the company have stated they don't expect there to be any return to shareholders in the first three years.

Pledges from about 100 investors of between £25,000 and £4m have been received by the company, according to its directors.

Three of them, Swen Lorenz, Major Christopher Beaumont and Richard Johnson will be paid £25,000 per year for their work on the project.

As part of the project the directors want to make the island "one of the world’s most attractive places to live.

"The aim is to create a world-class destination for sustainable living and ecological tourism", they said.

Some residents have expressed a degree of scepticism about the project.

The company has expressed an initial intention to buy 20% of the island's land, but it has said in the future it may buy up to 40% if it can raise more money.

In the prospectus, which has been seen by the BBC, it is stated that "non-binding head of terms" for the property deal have been signed with Alasdair Barclay who is currently in control of the estate.

So far as part of the preparatory work about £400,000 has been spent on the project which has included getting the Prince's Foundation to visit Sark, commissioning reports and engaging a local PR firm.

'Phase one'

As part of the first phase of investment from the company, between 2025 and 2027, it said it intends to develop several properties, and then rent them out to residents.

It also wants to "rent out freehold properties that are currently vacant, with refurbishments and upgrades planned for many of them to optimise rental income."

The company has recognised some of the challenges of what it calls the first phase of the project, including local labour shortages, the decline of tourism in the island and higher construction costs due to logistics.