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Over the last 12 months, Morgan Pryce has seen a dramatic increase in clients looking to open gym spaces in London. The model they follow tends to be similar: the onus moving away from big rooms filled with banks of treadmills, cross-trainers and machines, towards a more personal training experience, either one-on-one or small groups. Specialised equipment and workouts designed for individuals have taken over, along with a price hike; some operators are now charging just under £200 a month.
After opening their first gym in London Bridge, the Australian F45 franchise has caught on quickly, and many hopefuls are trying to cash in on the opportunity by securing territories before they are snapped up.
Eugene O’Sullivan, a Surveyor and Director at Morgan Pryce says; “If F45’s success in Australia is anything to go by, we can expect to see over 20 new F45 gyms in operation by this time next year.”
Furthermore, Equinox Shoreditch – a premium health club – is set to open its second gym in early 2019, which will be a huge 31,000 sq ft space at ‘The Stage’, a mixed-use development currently under construction just off Curtain Road. The company is planning to provide a main fitness studio along with a yoga studio, boxing studio, Pilates studio and cycling studio equipped for ‘The Pursuit’ – a highly immersive and competitive cycling class.
With office rents weakening and Londoners’ appetite for health and fitness increasing, we certainly don’t expect to see the gym operators diminish any time soon.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.