Gravity Fitness Ltd, the flourishing global active entertainment company, has opened a new head office at Merchant Gate, the striking mixed-use development in the heart of Wakefield.
Gravity has taken 6,683 sq ft of quality office space at 2 Burgage Square at Merchant Gate on a five-year lease.
This deal means that the office space at Merchant Gate is now fully let!
Merchant Gate, one of the most successful mixed-use regeneration projects in West Yorkshire and has been delivered by The English Cities Fund, a strategic joint venture between national urban regenerator, Muse Developments, Legal & General and Homes England, working collaboratively with Wakefield Council and Network Rail.
The Leeds offices of global property consultancies Knight Frank and JLL advised the landlords, while Savills advised Gravity.
Victoria Harris of Knight Frank explained: “The decision by such an innovative and successful company as Gravity to move their head office to Merchant Gate is a ringing endorsement of this magnificent development.
“The regeneration of Merchant Gate has provided a timely boost to Wakefield’s economy and has underlined the city’s importance and attraction as a strategic location for prime office, retail and leisure occupiers.
“Gravity’s move will drive economic and social prosperity in this proud and historic city, and be a boost to the local community, which is massively important right now. Merchant Gate, and strategic schemes like it in the city, are changing people’s perceptions of Wakefield.
“The city is benefitting from substantial investment, a proud history and an excellent location, which means Merchant Gate is fast becoming one of the region’s premier mixed-use destinations,” she said.
Harvey Jenkinson, the co-founder of Gravity, who are relocating from Colorado Way at the Junction 32 development in Castleford next month, commented: “Wakefield is the perfect base for a head office from a recruitment and logistical standpoint. Our new offices are about 50m away from Wakefield Westgate, which is main arterial route from Leeds to London.
“Merchant Gate is very up and coming location, with good food and drink for the staff at lunch and after hours on a Friday.
“We are also expanding. This move will help our drive for growth. We currently have 50 staff and hope to recruit a further 10 by the end of this year.”
Gravity, which launched as a trampoline park operation in 2014 next to the indoor ski slope Xscape at Castleford, have just secured a £30 million investment to help the business grow.
The company now has a turnover of £27 million, bringing a host of indoor leisure activities to 17 prime locations nationwide. It has completed a finance deal to drive the bar even higher. The new investor is Sculptor Real Estate, the property arm of New York Stock Exchange listed Sculptor Capital Management Inc.
Revenues of £50 million are now being eyed for 2024, with karting, mini-golf and bowling key offers.
Mr Jenkinson explained: ““This funding has come at a pivotal and exciting time for Gravity with the launch of our Gravity Max brand at Liverpool One and London Westfield Stratford this year. We are thrilled to build our relationship with Sculptor on this investment.
“This backing will help us realise the full potential of the Gravity brand, ensuring the rollout of our business plan and achievement of strategic objectives. We look forward to further establishing Gravity as the international name in active entertainment and providing our customers at every site with the best possible experience.”