Easteds Barn Sale Proceeds and Next Steps
Following completion of the sale of Easteds Barn on 9 September 2026, Southwater Parish Council considered the sale proceeds and next steps at its Full Council meeting on 16 September 2026.
The Council noted the final sale consideration of £650,000, based on the independent RICS Market Value valuation undertaken in accordance with the existing lease and purchase option.
The £650,000 is a capital receipt and is therefore subject to restrictions on how it may be used by the Council. Pending consideration of future capital projects, the Council approved placing the funds via the Flagstone investment management platform in a 12-month fixed-term account with Standard Chartered Bank at 4.27% AER, maturing on 22 September 2027.
The Council also agreed to establish a Capital Receipt Projects Working Group. The Group will operate in an advisory and idea-generation capacity, considering potential future capital projects and reporting recommendations back to the Council. Any future use of the capital receipt will remain subject to formal Council consideration and approval.
Further information will be provided through the Council's usual meeting, financial reporting and decision-making processes.
For background, previous updates can be viewed below:
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