Hurstwood Adds Edinburgh's Art Deco Maybury Casino For GBP2.9m
Hurstwood Holdings has bought the Maybury Casino in Edinburgh for GBP2.9 million, adding the Art Deco landmark to the growing Scottish property portfolio held by its subsidiary AM Sci Tech.
The building sits on a 1.39-acre corner site on the A8 Glasgow Road, one of Edinburgh's main arterial routes, with direct access to the city centre, Edinburgh Airport and the M8 and M9 motorways. It comes with 70 dedicated parking spaces for cars.
Stephen Ashworth, executive chairman of Hurstwood Holdings, said the deal reflects the strength of the site rather than a short-term play. "The acquisition of this unique building is a fantastic addition to our growing Scottish portfolio," he said.
"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."
The property is fully let to Grosvenor Casino, which benefits from fixed annual rental uplifts of 2.5% and has around four years remaining on its lease.
The lease is backed by a guarantee from Rank Group's gaming division. Grosvenor has also recently carried out a programme of external improvement works to the building.
Funding for the purchase came from property lender Together. Marc Goldberg, the firm's CEO of sales and distribution, said the deal was "a fantastic result for all involved" and that Together was pleased to support Hurstwood in this acquisition. The Maybury combines exceptional architectural heritage with strong income characteristics."
Gordon Pirie, fund manager of AM Sci Tech, said the purchase price reflected a net initial yield of around 15%. "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," he said.
A Landmark With A Long History
The Maybury dates back to 1935, when it was built as the Maybury Roadhouse and Diner.
Designed by architects William Patterson and James Broom, the white-painted building is regarded as one of Edinburgh's finest examples of Art Deco architecture, distinguished by black-framed windows and strong horizontal and vertical lines.
It was originally built as a destination venue for the city's growing car-owning population before being converted into a casino in the late 1990s.
Rod Leslie of Welbeck RE advised Hurstwood and AM Sci Tech on the acquisition, while Allsop acted for the vendor. Together's Marc Goldberg and Ritchie Watson arranged the funding, with legal advice from Harper MacLeod.
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What It Means For The UK Land-Based Market
The deal is a reminder that Britain's land-based casino estate, though smaller than it was a decade ago, still attracts serious property investment when a building comes with a long lease and a covenant as established as Rank's.
For readers weighing up UK online casinos against a trip to a physical venue, the transaction underscores that operators such as Grosvenor continue to invest in their bricks-and-mortar sites rather than run them down, even as most new player growth occurs online.
Hurstwood's Scottish portfolio has been expanding steadily, following its recent acquisition of 7 Lochside View at nearby Edinburgh Park.
Neither party has indicated any plans to change the venue's use or its casino licence, and Grosvenor's recent refurbishment work suggests the Maybury will remain a working casino under the new ownership for the length of its current lease.
