Located in Illovo, one of the most prime locations in Johannesburg’s northern suburbs, The Planet Fitness gym was developed and built on land leased from Wanderers. The building was opened in 2003 and received the South African Property Owners Association accolade for being the second most innovative building in its 2005 Property Industry Awards.
This building was co-owned by NPV and Planet Fitness until recently. Says Mike Nixon, Director of NPV, “Our joint ownership with Planet Fitness over this unique site has been exceptionally successful. When Planet Fitness decided to exit from the partnership, they obviously approached us and we quickly reached terms.”
With the current refurbishment in progress, Planet Fitness Wanderers is set to retain its status as the Planet Fitness flagship and not only houses a world class gym, but their Head Office as well. Mike confirmed that Planet Fitness has signed a new 10 year lease as part of the deal. Mike said: “This lease has a capital value of over R180 million and bodes well for the future of their operations in the building.”