“The acquisition of this unique building is a fantastic addition to our growing Scottish portfolio” – Stephen Ashworth, Hurstwood Holdings

An iconic Art Deco building in Edinburgh which houses a major casino has changed hands in a £2.9 million property deal.

Property investment and development firm Hurstwood Holdings acquired the landmark Maybury Casino in the west of the capital, describing the purchase as a “strategic addition” to its growing Scottish portfolio.

The £2.9m purchase price reflects a net initial yield of around 15 per cent.

The striking, white-painted building is recognised as one of Edinburgh’s finest examples of Art Deco architecture, characterised by its black-framed windows and strong horizontal and vertical lines.

placeholder image — The striking, white-painted building is recognised as one of Edinburgh’s finest examples of Art Deco architecture, characterised by its black-framed windows and strong horizontal and vertical lines.

The property is fully let to Grosvenor Casino, with approximately four years remaining on the lease and fixed annual rental uplifts of 2.5 per cent. The lease is further underpinned by a guarantee from Rank Group Gaming Division, while Grosvenor has recently undertaken a programme of external improvement works to the building.

Extending to 21,991 sq ft over two floors, the Maybury 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.

Stephen Ashworth, executive chairman of Manchester-headquartered Hurstwood Holdings, said: “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.”

The history of the striking white-painted building dates back to 1935, when it was originally constructed as the Maybury Roadhouse and Diner. Designed by architects William Patterson and James Broom, it is widely recognised as one of Edinburgh’s finest examples of Art Deco architecture. It was eventually converted into a casino in the late 1990s.

Gordon Pirie, fund manager at AM Sci Tech, a subsidiary of Hurstwood Holdings, said: “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.”