Maybury Casino in Edinburgh is the latest addition to the growing Scottish portfolio Hurstwood Holdings’ subsidiary AM Sci Tech.
The acquisition of this landmark Art Deco leisure property for £2.9 million strengthens the company’s presence in the capital, following the recent acquisition of 7 Lochside View at nearby Edinburgh Park.,
Stephen Ashworth, executive chairman of Hurstwood Holdings, commented: “The acquisition of this unique building is a fantastic addition to our growing Scottish portfolio.
“The Maybury is a prominent and iconic Edinburgh landmark, let to a strong covenant and situated within an established and expanding residential catchment.
“Opportunities to acquire assets of this quality and character are rare and we are delighted to have secured the property. My personal thanks go to all those involved in the transaction.”
The building occupies a prominent 1.39-acre corner site with 70 dedicated car parking spaces. It features multiple gaming floors, bar and lounge areas, private function rooms and staff facilities. The interior combines a modern leisure fit out with architectural elements reflective of its historical origins.
The property is fully let to Grosvenor Casino, benefiting from fixed annual rental uplifts of 2.5% and approximately four years remaining on the lease. The purchase price reflects a net initial yield of about 15%.
The lease is further underpinned by a guarantee from Rank Group Gaming Division. Grosvenor has also recently undertaken a programme of external improvement works to the building.
Funding for the acquisition was provided by property lender Together whose CEO of sales and distribution Marc Goldberg said: “This was a fantastic result for all involved and we were pleased to be able to support Hurstwood with this acquisition. The Maybury combines exceptional architectural heritage with strong income characteristics.”
Gordon Pirie, fund manager of AM Sci Tech, added: “This represented a rare opportunity for Hurstwood to acquire one of Edinburgh’s most recognisable Art Deco buildings in one of the UK’s most dynamic and fastest-growing cities.”
The history of The Maybury dates back to 1935 when it was originally constructed as the Maybury Roadhouse and Diner. Designed by architects William Patterson and James Broom, the striking, white-painted building is recognised as one of Edinburgh’s finest examples of Art Deco architecture, characterised by its black-framed windows and strong horizontal and vertical lines.
Originally conceived as a destination venue for the city’s growing car-owning population, it was converted into a casino in the late 1990s. The property occupies a highly prominent position adjacent to the A8 Glasgow Road, one of Edinburgh’s principal arterial routes, providing direct access to the city centre, Edinburgh Airport and the M8 and M9 motorway networks.
Rod Leslie of Welbeck RE advised Hurstwood/AM Sci Tech on the acquisition, whilst Allsop acted for the vendor. Funding was provided by Marc Goldberg and Ritchie Watson of Together.
Legal advisers, Harper MacLeod worked alongside in-house legal adviser, Gillian Sidey and fund manager, Gordon Pirie, who played key roles in bringing the transaction to a successful conclusion.
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