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Offshore firm Collas Day has acted for the trustees of Guernsey-based company Starboard Settlement in the acquisition of Herm Island.
The island, which was put up for sale in May for a guide price of £15m, is the closest neighbouring island to Guernsey and is managed under a lease from the States of Guernsey.
Starboard Settlement fought off competition from Von Essen Hotels to acquire Herm. The transaction involved the negotiation and drafting of a new lease from the States of Guernsey for the 80-acre island and the acquisition from the previous owners of the island’s businesses, which included the White House Hotel and the Mermaid Tavern.
Collas Day corporate partner Jason Romer said: “There’s always an element of commercial working with property departments, but this ;deal ;was ;unique because it was intimately linked. It was difficult but interesting to structure a property deal around the particular ;property constraints.”
The new owners, who took over on 1 October, will be responsible for the island’s church and eight-pupil school, as well as the emergency services and the operation of a local jail.
The Collas Day team was led by head of property Jason Green, who worked with Romer and managing partner Chris Bound.
The States of Guernsey was represented by Shelagh Mason of Guernsey firm Mason & Co.