IT is a developers' dream site – right on the estuary in a sought after village – but residents have jumped the first hurdle to acquire it for community use.

Shaldon residents are celebrating raising £15,000 towards buying the redundant ferry workshop from Teignbridge Council.

The idyllic location would make the land probably worth hundreds of thousands of pounds or more – the nearby luxury beach huts are valued around £200,000 each.

Mark Pile, chairman of Shaldon Regatta Committee which masterminded the fundraising, admitted the £15,000 was 'a token' amount, but showed how much they wanted the property.