Blackfinch Property has provided a £2.1 million development loan to support the first phase of Dolbeare Meadow, a sustainable mixed-use commercial project in Ashburton, Devon.
The first stage 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 development aims to create a commercially viable, future proofed business hub with long term investment potential.
Designed with sustainability at its core, the development will achieve an EPC A rating and features fully electric building services. The scheme also incorporates sustainable timber cladding to blend with its Dartmoor National Park setting. Up to 12 EV charging points will be installed, alongside tree retention, off-site planting, and adjusted building orientation to protect a flight corridor for bats.
Blackfinch Property structured the loan in two phases to give the developer flexibility. Phase One funds the construction of the convenience store and site infrastructure. Phase Two will deliver additional retail and business units, with serviced plots made available for sale. The developer plans to sell the completed Co-op store with the lease in place, while the remaining plots will be marketed separately.
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 £2.1 million loan carries a loan-to-value 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.
