Fitness brand concludes M42 Corridor’s biggest letting for five years
One of the UK’s fastest-growing gym-wear brands has announced further expansion by concluding one of the largest lettings in the M42 Corridor in the past five years.
Redditch-based Gymshark has been expanding at such a rate that it has outgrown its existing facilities.
Now, despite only agreeing in August to lease a 4,800 sq ft former NHS call centre in Redditch – which was in addition to its 7,814 sq ft unit at Brooklands in the town, the clothing supplier has signed a 10-year lease deal for a 42,408 sq ft two-storey office at IM Properties’ Blythe Valley Park.
Gymshark, which was only founded by fitness fanatic Ben Francis five years ago with the help of some school friends, intends to use the new premises as its global headquarters.
The company has undergone massive growth in the past few years, propelling the business from a start-up to global brand status in the virtual blink of an eye.
Much of its growth is due to its strong social media strategy, which has seen its products snapped up by workout enthusiasts and professional athletes alike.
With customers in more than 170 countries and FY17 predicted annual sales of £42m, the company is listed as one of the UK’s fastest growing businesses in the Fast Track 100 index.
Gymshark’s Chief Brand Officer, Ben Francis, said the new office was a perfect fit for the brand.
“The location is perfect. Set within a 122-acre country park, it’s so close to west Birmingham, which is home to us, yet we can be in London in an hour, in Manchester in 90 minutes and we’re right by the airport.
“I want this to be the best office building, in the best location, to attract some of the top talent to continue to propel the company forward. It’s ideal for a fitness brand with a Virgin Active Gym on site and a focus on Wellness at Work.
“We’ve got room for our needs now and also room to grow further as the business does. We will have about 150 staff when we move in but we have room for over 600 staff which future proofs our business. The quality of building and environment at Blythe Valley matches our ambitions as a business.”
Gymshark is expected to take the lease for the new offices in November and then transform it into a working space in keeping with the brand.
Rob Hemus, asset manager for IM Properties said the decision to invest £3m in the refurbishment of the unit had now paid off in the form of a strong lease.
He said: “Purely as a property deal, it stands out as one of the largest lettings. However, it’s also great to see Ben and his colleagues so in-tune with our philosophy.
“We understand attracting talent is really important to business. We have invested significantly in BVP and now occupiers are buying the whole experience, not just the building. Blythe offers the work life balance that so many companies are looking for.”
IMP was advised by CBRE and Savills.
