Windows installer for v10.3.x+ fails at starting service (works for v10.1.x)

Running the 64bit Windows msi installers for either 10.3.15 or 10.4.8 on a Windows 2012R2 box results in the UI hanging on starting services and then failing with the error:

Error 1920. Service 'MariaDB' (MariaDB) failed to start. Verify that you have sufficient privileges to start system services.

Running the 10.1.x installer on the same box works fine.

I am installing the server binaries in the default Windows location in C:\Program Files but the data directory is on a separate drive D:, which is likely to be the issue as it has restrictive file permissions. However I can't seem to identify what permissions are missing: the installer is running as an admin account which does have full control over the data directory, as does the system account.

During the installation, the MariaDB windows service seems to be created correctly and the Network Service account under which it runs is (automatically) given full access to the data directory, as is the current individual user account. Are there any other permissions that are required before running the installer?

The attached .err log created during the installation contains several:

failed on '.\ibdata1'. Can't determine file permissions

entries.

I've tried running the installer in verbose mode from the CLI and can supply the full log if necessary. It contains both of the above mentioned errors, which also appear in the Windows event logs.

Given that the 10.1.x installer works in the same environment, what could have changed in these more recent versions to cause this failure?

Thanks.