Retail development on edge of Dartmoor National Park secures major funding
A retail development on the edge of Dartmoor National Park which will deliver a Co-op supermarket and drive-thru café has secured major funding.
Gloucestershire-based property company Blackfinch has provided a £2.1m loan to support the first phase of the Dolbeare Meadow scheme in Ashburton.
The first stage of the scheme includes a 4,300 sq ft Co-op convenience store, already pre-let, along with essential infrastructure to support future phases.
Plans for later stages include a drive-through café, an EV charging park, and several business units.
The scheme was approved in 2023 despite locals raising concerns about the arrival of a drive-thru chain but the developer said at the time the mixed-used scheme would bring jobs and would not threaten town centre trade.
There were 21 letters of support in favour of the application, seven neutral comments, and 70 objections, Devon Live reported at the time.
David Diemer, investment director at Blackfinch Property, said: “We are delighted to have completed this development facility with Poppy Holdings to support the first phase of their mixed-use scheme on the edge of Dartmoor National Park. Their focus on sustainable construction and sensitivity to the location, while maintaining financial viability, made partnering with them an easy decision. We look forward to working with them on this and future phases of the development.”
William Palk, partner at Poppy Properties Ltd, added: “Since early 2024, we have had the pleasure of working with Blackfinch on Dolbeare Meadow. Their expertise and collaborative approach have been invaluable in securing funding to bring our development to fruition.
“Blackfinch’s support has helped us create a high quality, sustainable business location, and we look forward to seeing this vision come to life.”
The £2.1m loan carries a loan-to-value of 65% and supports a gross development value of £3.26m over a 14-month term.
The completed convenience store will be sold with the lease in place, while serviced plots for commercial units will be marketed separately.
