LONDON – 31 January 2019
Third Space, a leading luxury fitness lifestyle brand, announced today that it has exchanged contracts with Canary Wharf Group, following a tender process, to build and operate a new 40,000 square foot premium fitness and wellness club in the 23-acre Wood Wharf development, the new district of Canary Wharf.
The health club will attract new members and residents of the Wood Wharf district in a unique arrangementwith a first class offering. Residents will have exclusive access to a luxurious resident’s only area, includinga private training facility, concierge, residents lounge, spa and pool. This is the first time Third Space has provided such an offering and is believed to be the first deal of its type in London.
Colin Waggett, CEO of Third Space, said, “When people decide where to work or live, access to a health club is becoming an ever more significant factor – particularly among millennials who are spending record amounts of money on health and fitness. Place-making landlords such as Canary Wharf Group clearly recognise that Third Space’s unique and tailored proposition can differentiate and add value to their developments.”
Wood Wharf is a new district in London’s Canary Wharf that will feature up to 3,600 new homes, 490,000 square feet of retail space and over two million square feet of office space as well as public spaces, squares and parks. The development is expected to create 20,000 new jobs and is specifically designed to accommodate fast-growth companies in the tech and creative sectors.
Third Space Wood Wharf, which is expected to open in 2021, will feature a freestanding athletic rig, multi-purpose studios, a medical and beauty suite, a 20-metre swimming pool, and a spa. Waggett and his team are working with leading architects RHE on the early stage concept and design.
Colin Waggett added, “Every Third Space club is unique. Despite being only a short walk from our existing 100,000 square feet Canary Wharf club, Third Space Wood Wharf will look and feel very different. The scale and quality of the Wood Wharf development and the continued growth of the whole Canary Wharf Estate gives us the confidence to add further capacity in this part of London.”
Stuart Fyfe, Head of Retail Leasing,Canary Wharf Group, said: “As part of introducing residential homes to the Estate, the provision of a quality health club is key. We were looking for a complementary health and fitness partner that understood our vision of developing best-in-class facilities as part of a strong local community. Third Space’s combination of quality design, engaged membership and premium facilities, with its unique proposition for residents meets and surpasses all our aspirations for Wood Wharf.
“As a tenant and partner, we are confident Third Space will be appreciated by Wood Wharf’s local residents, workers in Canary Wharf and surrounding area residents. Providing a premium fitness lifestyle proposition which reflects the latest health and fitness trends will be a significant attraction for the whole estate. We look forward to developing our excellent relationship with Third Space.”
Rory King or Camilla Scassellati-Sforzolini
Sard Verbinnen & Co.
+44 20 7467 1050
About Third Space
Third Space is a luxury fitness lifestyle brand offering high quality fitness and wellness experience through premium fitness and wellness clubs. Backed by Encore Capital, Third Space was launched in 2001 and operates a portfolio of clubs in iconic locations across London, including Canary Wharf, Tower Bridge, Soho, Marylebone, and Tower Hill, with a sixth location due to open in Islington in early 2019. Third Space employs 500 staff and is led by an experienced management team committed to executing a high-paced expansion plan. The Wood Wharf deal is in line with management’s ambitious growth strategy, which will see the company invest £50 million over five years with the aim of opening a new club every 12 to 18 months.