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Otter Lodge, 26 Dungannon Road

Cookstown BT80 8TL Open to offers

Key Information

Address Otter Lodge, 26 Dungannon Road, Cookstown
Price Open to offers
Style Licensed Premises
EPC Rating D99
Status Under offer

Additional Information

Otter Lodge / 26 Dungannon Road

Maneely & Co Ltd are proud to offer to the market the popular and long established Otter Lodge Wine Bar and Restaurant 26 Dungannon Road BT80 8TL we also give the lucky purchaser the option to acquire a recently constructed one off detached dwelling on this stunning site.

 

LOCATION

Otter Lodge enjoys an excellent location at the southern edge of Cookstown on the Dungannon Road, with the Ballinderry River running along the southern boundary making this an idyllic and scenic location.

The property benefits from a central location to all arterial routes, North, South East and West. While the main road runs past the entrance on the west side of the property, the new Eastern Distributor road will run along the East side of the property ensuring high visibility from the new by-pass.


TITLE

The property and site are said to be held with a freehold Title together with a freehold interest in the lands adjoining outlined in blue.


SITE

Otter Lodge site extends to circa 1.75 acres and the residential dwelling extends to circa 0.35 acres


BACKGROUND

Otter Lodge is firmly established as one of Mid-Ulster’s most popular venues for eating out.

The Wine Bar is the core of the business and there is also an upstairs function room/restaurant. The premises has ample private car parking. The business has been trading successfully for 32 years catering for functions up to 100 guests.

The present building includes family living accommodation comprising 7 rooms, including a spacious Master Bedroom with ensuite and Juliet balcony. This accommodation has already been vacated by the present owners and could be utilised as an owner/managers dwelling or easily adapted to provide rental income. It could also be incorporated in the development of the Bedroom Accommodation for which planning is already in place.

 

PLANNING PERMISSIONS

The Moffetts have secured outline planning permission to the rear of the site for bedroom and ancillary accommodation and also full planning permission for three high-end self-catering apartments.

Planning Permission reference for additional bedrooms LA09/2016/0266/O

Planning Permission reference for 3 Self Catering Units LA09/2017/0029/F

 

HISTORY

Points of information on turnover and the solid potential of the business.

In June 2011 Harold and Heather had realised a long term plan by gaining planning permission for a new dwelling house on the grounds to the rear of the site.

Having had a ‘full-on’ approach to driving the business forward to that point, they made a conscious decision to devote a more significant portion of time to the construction project that was their new home. Saturday lunch was stopped and this was followed by closing all day Monday and Tuesday lunch. These decisions all reflected Harold and Heather’s growing desire for a slower pace of life.

As well as the start of their building project, this point became fundamentally the beginning of their winding down to retirement. They were more selective about the amount and types of business taken on, and apart from token seasonal advertising, there was no extra marketing. Functions and late night bar and entertainment were phased out.

It is also testament to the strong core of Otter Lodge’s business that it still profitable even though the retiring owners would accept that they have been marking time until their imminent retirement.

While the Moffetts have allowed turnover to decrease as they have got older and less energetic, winding down to retirement, - the Gross Turnover peak of £748,419 (incl VAT) at 2011 illustrates the potential of the property as it stands. Furthermore if a new owner was to take advantage of the planning permissions in place for bedrooms, and high–end self-catering apartments, Otter Lodge could fast become an even more fabulous investment opportunity.

The retiring owners are committed to aiding with transition, local knowledge and recommendations to any purchaser wish to operate the business.

This profitable business has enabled the owners to;-
** Earn a very comfortable living, raise and educate their two sons.
** Survive the last 2 recessions
** Generate the excess profits to clear all borrowings for the purchase of the premises and land, including major capital works at the outset, as well as many improvements and
refurbishments over the past 30 years.
** Build up the funds to pay for 90% of their substantial new home.
** Build up a significant personal pension fund.

Ideal Holiday Home in Northern Ireland for those who travel, close to a number of large attractions including Royal Portrush Golf Club and Lough Erne Golf Club.

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