A charity set up to help older people has sparked fury with plans to sell a seaside property full of elderly residents. Age UK, formerly known as Help The Aged, says it has made the "hard decision" to look at selling its property known as Woodcot in Salcombe, Devon. The seaside town has previously been dubbed 'the most expensive' in the UK, and any sale of a sea view property could bring a potentially handsome return.

Salubrious Salcombe in Devon is widely regarded as one of the country's most well-off seaside boltholes. In 1976, philanthropist Elizabeth Jennings bequeathed the property to the Plymouth Guild of Social Services, before it was passed to Help the Aged and used as retirement rentals for older people. Worried relatives have condemned Age UK for what they call a "betrayal" of its mission.

One elderly resident said: "We face the prospect of being evicted so the house can be sold off at a huge profit to developers for luxury apartments - it's just not right."

Reports suggest at least two investors are eyeing up the land and are involved in talks. The charity says no decision has been made. The average house price for a detached property in Salcombe is over £640,000, double the average for the county of Devon, and the area is known to attract millionaire buyers.

The property currently has four individual tenants as well as one couple living there, the Mail Online reports. One option is for it to be granted protected status as an 'Asset of Community Value'.

And one relative told the Telegraph: "Should charities be disposing of extremely valuable assets to raise income whilst at the same time evicting the people who they are supposed to be helping?

"It's a betrayal and it's quite shameful of Age UK."

An elderly resident who moved into Woodcot two decades ago says she was told by Age UK she would "never have to move" - only to learn it might now be sold. She told MailOnline: "I feel, along with the other residents, that we should be allowed to stay here for the rest of our lives.

"Instead we face the prospect of being evicted so the house can be sold off at huge profit to developers for luxury apartments - it's just not right."

In a statement on their website Salcombe Town Council said it knew in April that Age UK were exploring the sale of Woodcot, and said the charity had cited "rising maintenance costs, essential major works, and financial pressures that mean there is a significant annual deficit that Age UK can no longer afford in the current financial climate".

However, the council admitted the matter lay "outside" of their direct authority, but that they were "committed to monitoring developments, staying in contact with Age UK, and continuing to represent local interests", adding that they "appreciate that this is a highly sensitive topic for many in our community".

An Age UK Spokesperson told the Express: "We can confirm that sadly we've made the hard decision to explore selling Woodcot. We're looking into a number of things before a final decision about a sale is made and therefore do not expect anything to happen until 2026 at the earliest. None of the tenants have been evicted and no notice to terminate any tenancies has been given.

"The costs of the day-to-day maintenance of both the house and the grounds, ensuring that its listed status is respected, coupled with the essential requirement for major works to continue to make it a safe and accessible environment for our tenants are just not feasible.

"We decided to speak to the tenants and let other key people in Salcombe know at this very early stage because we thought it important to be transparent about our thinking. However, doing this early does mean that unfortunately we don't have a lot more information or answers to questions at this stage. We're committed to communicating with and supporting tenants through this difficult time.

"We understand that the property is much loved locally and that different views and beliefs have developed over time about the nature of the transfer of Woodcot to us and the role of the property in the community. However, many of these aren't founded.

"The transfer of the property to Help the Aged did not include any restrictions which would stop it being sold or which required Help the Aged as a Charity to run it as a residential home for older people.

"All charities have a legal responsibility to ensure they are making the best use of all the funds and resources available to them to deliver their charitable objectives and that's why we believe it is right for us to explore a sale."