A PROPERTY management company has provided a more than £2million loan to support the Dolbeare Meadow development in Ashburton, which includes a new Co-op store.
The £2.1million loan from Blackfinch Property will come in two phases.
The first phase will fund the construction of the convenience store, while the second will deliver additional retail and business units.
The developer plans to sell the completed Co-op store with the lease in place, while the remaining plots will be marketed separately, the Mid-Devon Advertiser understands.
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.’
The development aims to create a commercially viable, future proofed business hub with long term investment potential, Blackfinch Property says.
William Palk, Partner at Poppy Properties Ltd, said: ‘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 percent 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, Blackfinch Property has said.
In addition to the Co-op, the Dolbeare Meadow development, dubbed ‘Dolbeare Business Park’, will include an EV charge park and a drive-thru café.