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Third Space opens new club in London with membership 40% above projections

by Frances Marcellin | 21 Nov 2022
Credit: Third Space
Moorgate has opened today with 40 per cent more members than we originally strategised for at this stage
– Colin Waggett, CEO of Third Space

Third Space has opened the doors to its new 27,000 sq ft club in London's Moorgate, with CEO, Colin Waggett telling HCM membership numbers are already well ahead of projections.

"Reading the press you might think the world has stopped and working from home has killed trading in health clubs in the City, but we're not seeing too many signs of that," said Waggett. "Moorgate has opened today with 40 per cent more members than we originally strategised for at this stage and our other clubs – all of which are in central London – are above 2019 revenue levels.

"I believe the long-standing trends of premiumisation, health being the new wealth and experiences over 'things' are holding up, even in these turbulent times," he continued.

"It's not easy with cost pressures coming from all directions – and that applies to both our business and every individual out there – but I believe consumer demand will remain strong, provided you're giving people what they want."

With clubs opening at Battersea Power Station and Wimbledon’s Centre Court Shopping Centre next year, the luxury fitness chain is on track to meet its target of operating an estate of eleven clubs by the end of 2023 following a capital injection from KSL in August 2021.

The new Moorgate club provides fitness, wellness and recovery facilities. There is an immersive Octagon for combat classes – which aims to bring martial arts to life with padded walls, hanging bags and perimeter lighting. The cycling studio – accessible by a spiral stairway – incorporates ICG connect technology to engage members in real-time racing and the cardio and functional training area offers equipment, such as Concept 2 rowing machines and an Eleiko strength zone.

"As well as the usual Third Space features and luxuries, we've aimed to create a training heaven for amateur athletes, wrapped in a cloak of luxury," said Waggett.

"We always strive to provide a space that suits each member's specific needs and this club is no different,” he explained. “World-first high-spec facilities and best-in-class trainers on hand for advice and support mean members can continue to enjoy the very best services from Third Space."

The club features a number of innovations, including its largest hot yoga studio, velocity training technology on its Olympic lifting racks and its first dedicated recovery room which is fitted with Hyperice and Normatec equipment, such as compression sleeves, percussive therapy guns and recumbent relaxation chairs.

Also new are a state-of-the-art Mescan whole-body scanner and a self-timed sprint ramp, while spa facilities include wood, water and stone saunas set against a Himalayan salt wall.

Members can choose from over 100 weekly classes or work with personal trainers. There's also a food offering, which includes a Natural Fitness Food outlet, as well as meals created by an in-house nutritionist.

The first Third Space club was founded in Soho in 2001 and has since expanded to eight locations across central London: Canary Wharf, City, Tower Bridge, Islington, Soho, Mayfair, Marylebone and Moorgate. The clubs range in size from 14,000 sq ft, in Marylebone, to over 100,000 sq ft in Canary Wharf.

Summary of highlights

Specialised circular combat zone with perimeter lighting Circular, uphill, sprint self-timed track, which goes from circular spin studio up towards the combat zone

Large-scale mind body studioWhole floor dedicated to weight lifting and strength training

Dedicated recovery lounge with compression sleeves, percussive therapy guns and recumbent relaxation chairs Sauna with a Himalayan Sea salt wall

Wireless phone charging on cardio equipment the bikes

Third Space  Colin Waggett  Battersea Power Station  Moorgate  Wimbledon  Central London 
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Third Space has opened the doors to its new 27,000 sq ft club in London's Moorgate, with CEO, Colin Waggett telling HCM membership numbers are already well ahead of projections. "Reading the press you might think the world has stopped and working from home has killed trading in health clubs in the City, but we're not seeing too many signs of that," said Waggett. "Moorgate has opened today with 40
PTS,HAF,FIT,IND,CPW,CAS
The club is the first to open since the Third Space deal with KSL / Third Space
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