Together has provided funding to support Hurstwood Holdings’ £2.9m acquisition of The Maybury Casino in Edinburgh.
Hurstwood subsidiary AM Sci Tech has acquired the 21,991 sq ft Art Deco property at a purchase price reflecting a net initial yield of approximately 15%.
The deal adds to Hurstwood’s growing Scottish investment portfolio and follows its recent acquisition of 7 Lochside View at Edinburgh Park.
The Maybury is fully let to Grosvenor Casino Limited, with around four years remaining on the lease and fixed annual rental uplifts of 2.5%. The lease is also backed by a guarantee from Rank Group Gaming Division Limited.
TOGETHER FUNDS ACQUISITION
The property occupies a 1.39-acre site adjacent to the A8 Glasgow Road and includes 70 car parking spaces.
Funding for the transaction was provided by specialist property lender Together, with Marc Goldberg and Ritchie Watson working on the deal.
Goldberg, CEO of group sales and distribution at Together, says: “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.”
Stephen Ashworth FRICS, executive chairman of Hurstwood Holdings, adds: “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.”
ART DECO LANDMARK
The Maybury dates back to 1935, when it was constructed as the Maybury Roadhouse and Diner.
Designed by architects William Patterson and James Broom, the building was originally conceived as a destination for Edinburgh’s growing car-owning population before being converted into a casino in the late 1990s.
Gordon Pirie, fund manager at AM Sci Tech, says: “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 and AM Sci Tech on the acquisition, while Allsop acted for the vendor. Harper MacLeod provided legal advice alongside Hurstwood’s in-house legal team.
