One of Edinburgh’s most iconic Art Deco buildings sold in £2.9 million deal

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

Property investment and development company Hurstwood Holdings said the acquisition of the landmark Maybury Casino, to the west of the capital, represented a “strategic addition” to its growing Scottish portfolio. It further strengthens the firm’s presence in the city, following the recent acquisition of 7 Lochside View at Edinburgh Park.

The casino property is fully let to Grosvenor Casino, benefiting from 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, Hurstwood noted.

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

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. My personal thanks go to all those involved in the transaction.”

The Maybury extends to 21,991 square feet 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 history of the Maybury dates back to 1935 when it was originally constructed as the Maybury Roadhouse and Diner.

Designed by architects William Patterson and James Broom, the striking, white-painted building is recognised as one of Edinburgh’s finest examples of Art Deco architecture. It was converted into a casino in the late 1990s.

Gordon Pirie, fund manager of 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.”

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