Blackfinch Property has provided a £2.1 million development loan to initiate the first phase of Dolbeare Meadow, a sustainable mixed-use commercial project in Ashburton, Devon.
This initial phase includes the construction of a 4,300 sq ft Co-op convenience store, which has already been pre-let, along with essential infrastructure to support future developments.
Subsequent phases are set to feature a drive-through café, an electric vehicle (EV) charging park, and multiple business units, aiming to establish a commercially viable and future-proof business hub with long-term investment potential.
The £2.1 million loan is structured in two phases to provide flexibility for the developer. Phase One finances the construction of the convenience store and site infrastructure, while Phase Two will focus on the additional retail and business units, with serviced plots available for sale.
The developer plans to sell the completed Co-op store with the lease in place, and market the remaining plots separately.
The development emphasises sustainability, targeting an EPC A rating and incorporating fully electric building services. Design elements include sustainable timber cladding to harmonise with the Dartmoor National Park surroundings, the installation of up to 12 EV charging points, preservation of existing trees, off-site planting, and building orientations adjusted to protect a bat flight corridor.
The loan carries a loan-to-value ratio of 65% and supports a gross development value of £3.26 million 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.
