Shoosmiths advises Third Space on expansion programme
August, 2023 - Milton Keynes, England
Shoosmiths has advised Third Space on its acquisition of three new locations in London.
The law firm’s real estate team acted for the luxury health and fitness club operator on its plans to open clubs in Clapham Junction, Richmond and at The Whiteley in West London.
The facilities comprise 28,000 sq ft across three floors at the Grade II listed Arding and Hobbs building in Clapham, 30,000 sq ft in the former House of Fraser store on George Street in Richmond, and 34,000 sq ft as part of the £1bn redevelopment of The Whiteley.
All clubs will feature state-of-the-art training spaces and a range of specialist fitness classes for members.
Shoosmiths advised Third Space on all aspects of the three deals, including real estate, construction, planning and tax. The firm has previously assisted on its expansion across other London sites, including clubs in Mayfair, Wimbledon and Battersea Power Station.
Shoosmiths’ Emily Stocker led the team advising on The Whiteley and Clapham Junction, with Chris George leading on Richmond.
Emily Stocker, real estate principal associate at Shoosmiths, said:
“Shoosmiths has forged a strong partnership with Third Space and it is a privilege to have had the opportunity to advise on this expansion of its club network.
“These latest deals will see Third Space taking space at landmark locations, broadening its reach across new areas of London, where it will continue to set new standards for health and fitness spaces. We are delighted to have been able to work with Third Space to deliver these projects.”
Chris George, real estate principal associate at Shoosmiths, added:
“Unique locations are a feature of Third Space gyms and it is exciting to see it breathe new life into a historic building in Richmond that has been closed since 2020. This is a key addition to its portfolio and will act as a catalyst - attracting other tenants to the George Street site and creating a thriving location.
“As long-term advisers to Third Space, our focus is on helping the team continue to deliver its strategy as it expands across the capital.”
Colin Waggett, CEO of Third Space, said:
“We are really excited to be taking Third Space to new parts of London. Every one of our clubs is unique, and every one of our property deals is also unique. We are successfully securing high quality space with anchor tenant status in both new developments and re-purposing of space, with all three of these locations being former department stores. Shoosmiths has once again provided excellent advice to us, supporting our long term growth ambitions.”
