HURSTWOOD Holdings’ subsidiary AM Sci Tech, has completed the acquisition of The Maybury Casino in Edinburgh for £2.9 million.
The acquisition of the Art Deco leisure property represents a strategic addition to Hurstwood’s growing Scottish investment portfolio and further strengthens its presence in the capital, following the group’s recent acquisition of 7 Lochside View at Edinburgh Park.
Stephen Ashworth FRICS, 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 Maybury extends to 21,991 sq ft over two floors and occupies a prominent 1.39-acre 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 Limited, benefiting from fixed annual rental uplifts of 2.5% and approximately four years remaining on the lease. The lease is further underpinned by a guarantee from Rank Group Gaming Division Limited. Grosvenor has also recently undertaken a programme of external improvement works to the building.
Funding for the acquisition was provided by property lender Together, which has an £8.4billion loan book and provides finance such as commercial mortgages and bridging loans.
Marc Goldberg, CEO of group sales and distribution at Together, added, “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, commented, “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.”
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.
