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The lease is further underpinned by a guarantee from Rank Group Gaming Division
Hurstwood Holdings’ subsidiary AM Sci Tech has bought the building in which the Maybury Casino in Edinburgh is located for £2.9m.
The property is fully let to Grosvenor Casino with fixed annual rental uplifts of 2.5 per cent and approximately four years remaining on the lease. The lease is further underpinned by a guarantee from Rank Group Gaming Division. Grosvenor has also recently undertaken a programme of external improvement works to the building.
Stephen Ashworth, 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 building offers multiple gaming floors, bar and lounge areas, private function rooms and staff facilities.
Funding for the acquisition was provided by property lender Together.
Its CEO of sales and distribution Marc Goldberg 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.”
Gordon Pirie, fund manager of 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.”
