AM Sci Tech buys The Maybury Casino for £2.9m
Hurstwood Holdings’ subsidiary AM Sci Tech has completed the acquisition of The Maybury Casino in Edinburgh for £2.9m; reflecting a net initial yield of around 15%.
The building extends to 21,991 sq ft over two floors and occupies a prominent 1.39-acre site with 70 car parking spaces. It features multiple gaming floors, bar and lounge areas and private function rooms.
The property is fully let to Grosvenor Casino, with fixed annual rental uplifts of 2.5% and approximately four years remaining on the lease, which is underpinned by a guarantee from Rank Group Gaming Division.
The property was originally built in 1935 as the Maybury Roadhouse and Diner.
Designed by architects William Patterson and James Broom, it is recognised as one of Edinburgh’s finest examples of Art Deco architecture.
Converted into a casino in the late 1990s, it sits at the Maybury junction adjacent to the A8 Glasgow Road, giving access to the city centre, Edinburgh Airport and the M8 and M9 motorways.
Stephen Ashworth, executive chair of Manchester-based Hurstwood Holdings, commented: “The acquisition of this unique building is a fantastic addition to our growing Scottish portfolio.
“Opportunities to acquire assets of this quality and character are rare and we are delighted to have secured the property.”
Funding for the deal was provided by Marc Goldberg and Ritchie Watson of property lender Together. Rod Leslie of Welbeck RE advised Hurstwood, while Allsop acted for the vendor. Legal advisers Harper MacLeod worked alongside in-house legal adviser Gillian Sidey and fund manager Gordon Pirie.
