Gym deal boosts Newcastle regeneration
A 24-hour gym is set to open in Newcastle after we helped to agree a lease on a vacant property on the city’s St James’ Boulevard.
A long-term lease has been agreed for the 17,500 sq ft property, formerly occupied by owner Malhotras, which has relocated its fabrics business.
The new gym will be operated by leading affordable fitness chain PureGym and is set to open early next year, on the site adjacent to the Grosvenor Casino and Lane 7 Bowling.
Kevin McGorie, of our Newcastle office, conducted the deal on behalf of our client, Malhotras.
He said: “This is a part of Newcastle which is currently benefiting from significant regeneration and the opportunity to create a 24-hour gym was something which not only fit in with this local development, but also suited the space to be vacated by Malhotras.
“It is great to be able to not only help my client to fill their property, but to also be involved in helping to build the buzz which is being generated around the St James’ Boulevard area.”
Describing the new site, Property Director for PureGym, Angela Crawshaw, said: “We are delighted to be able to be opening our second site in Newcastle and we are continually looking for more sites to make fitness and a healthy lifestyle accessible for everyone.”
She added: “The gym will provide local residents, students and businesses with a fully equipped 24/7 gym at an affordable price and no contract.”