The popular Gurnard Pines site — which was the subject of repossession last month — will reopen under a new name.
The newly branded 'Phoenix Centre' will, however, see the popular swimming pool closed and converted into a 'multi-functional area.'
Parent companies GUPI Properties Ltd and The Phoenix Centre Ltd say this is due to the unaffordable costs of running the pool.
Read more: Gym, Swimming Pool And Events Space Closed At Gurnard Pines
A spokesperson for the companies said:
"Following the repossession of the main complex at the Gurnard Pines site on January 30, we are pleased to announce the (re)naming of the building to “The Phoenix Centre” and the launch of two new companies.
"Phoenix Knights Limited has taken over the entertainment section of the property and is looking to provide ticketed events kicking off with a comedy evening on April 8.
"Meanwhile, the Phoenix Zone Limited has taken over the gym sections of the property and will be launching soon with a view to open up on March 6.
"Both of these areas are currently undergoing significant improvements which will enhance the experience for all visitors."
Regarding the swimming pool situation, the spokesperson added:
"After extensive research and speaking with potential tenants, it has become apparent the swimming pool is simply too expensive to retain.
"The monthly running cost of the pool alone would be in excess of £230,000 per year, while it generates only £30,000 from swim schools and local clubs.
"The pool will be re-purposed as a multi-functional area and we are investigating how to best use the space.
"We have lots of options in the melting pot (including) squash, badminton, basketball, indoor football, futsal and instructor-led exercise training."
The gym, swimming pool and events space at Gurnard Pines was closed with immediate effect on Monday January 30.
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