Hurstwood Holdings’ subsidiary AM Sci Tech has completed the acquisition of The Maybury Casino in Edinburgh for £2.9m, in a deal reflecting a net initial yield of circa 15%.
Designed by architects William Patterson and James Broom, the striking Art Deco building dates back to 1935 when it was originally constructed as the Maybury Roadhouse and Diner. It was converted into a casino in the late 1990s and is fully let to Grosvenor Casino, which recently undertook a programme of external improvement works to the building.
The building sits on a 1.39-acre site and provides 21,991 sq ft over two floors. It features multiple gaming floors, bar and lounge areas, private function rooms and staff facilities.
Stephen Ashworth, executive chairman of Hurstwood Holdings, said: “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.”
Gordon Pirie, fund manager at 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.”
Marc Goldberg, CEO of group sales and distribution at Together, which provided funding for the acquisition, 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.”
Welbeck RE advised Hurstwood/AM Sci Tech on the acquisition and Allsop acted for the vendor.
