The station buildings with the important overall roof and the nearby goods shed both still stand as reminders of the town's railway past.

In 2014/15, the planners within the Dartmoor National Park Authority (DPNA) working with Teignbridge District Council (TDC - the managing local government authority), recommended that the residual trackbed within the town, together with the area surrounding the station - a total of 3.5 hectares (8.6 acres) - be designated for redevelopment under the Chuley Road Masterplan.

In their final Masterplan, issued in 2015, the former trackbed up to and including land close to the former station site were proposed to be used for developing housing, a supermarket and light industrial units.

The "Friends of Ashburton Station" (FoAS), backed by the South Devon Railway Trust (SDRT), successfully legally challenged the Masterplan, with the courts decreeing that the plan had to return to draft status, as it had not been fully consulted on by local residents.

FoAS and the SDRT are now working on a £20M proposal to eventually return heritage railway services to the unique station, whilst in the short term using the site for local arts, educational and training initiatives.