The Sark Property Company has submitted a cash bid for the Sark estate owned by a trust of the late Sir David Barclay.

Billionaire Sir David Barclay passed away in January 2021.

The 86-year-old owned about 20% of Sark's real-estate, including 80 residential properties, four hotels and 20 commercial properties.

The exact amount of the bid has not been disclosed, but the Sark Property Company directors say they have offered market value, plus a premium. The bid is valid for 30 days.

In June, The Financial Times and Sunday Times reported  a board meeting of the Sark Property Company was set to sign off on a bid of £60m - half for the estate and the other half to invest in upgrading the property portfolio.

The company dismissed the reported sum as 'speculative'. 

Seigneur of Sark Christopher Beaumont says. if successful, this deal will give residents a better future.

“It’s taken a lot of work to get to the point of submitting a bid, but that time and effort has been well spent building an investment proposition that would give Sark a better future.

"Our bid is backed by cash, our investment case is solid, and our intention is to create the right environment for Sark to thrive.

"Should the bid be successful, we will engage with all tenants of properties within the portfolio to listen to their aspirations for the future.

"We will always be open to discussion and look forward to working with Sark's residents for mutual benefit.”

Read more: Bid To Buy Barclay's Sark Estate

If the estate is sold, then the transaction will be subject to Sark’s Property Transfer Tax of 7.5%.

The Sark Property Company says this would be an immediate, major boost for the island’s finances.

CEO Swen Lorenz, CEO said:

"Our offer for the Barclay estate is in place for a limited time.

"Even though there can be no guarantee that a transaction will take place, we are confident that our bid will make for a compelling proposition.

"If a transaction is agreed, we will be looking to work with all Sark inhabitants and businesses, including the owners of Brecqhou, to help build a successful, resilient Sark. "

Knight Frank, advisor for the current owner, is said to have confirmed the bid will be passed to the trustees of Sir David Barclay's estate for consideration.

Read more: Brecqhou's Barclay family removed from Sunday Times Rich List