Limitless
Potential.
An invitation to co-build the next generation of CHANGE — three Level One flagships across Sydney, Adelaide and the Gold Coast. This memorandum presents an updated financial position for Surry Hills, Burnside, and Broadbeach, reflecting revised lease, construction and contribution terms.
A super-boutique House of Health, built for a lifetime of integrated performance.
When we founded CHANGE, we made a clear and unwavering commitment to genuinely care for every individual who places their trust in us to support their health and wellness. Five years on, our vision has evolved, but that same promise remains the driving force behind everything we do. As you explore the next stages of your CHANGE ownership journey, we invite you to carry that same ethos forward: to lead with authenticity, care deeply, and always place people at the heart of the experience.
The country's first super-boutique House of Health.
CHANGE is redefining the way Australians approach health and wellness. Functional training, reformer pilates, yoga, traditional gym, breath work, recovery modalities including hot and cold therapies — infrared and traditional saunas, magnesium pools, ice baths, steam rooms — and leading-edge biohacking, all integrated into one luxurious and seamless experience. A powerful community spirit and a personalised member experience. CHANGE is not just a fitness destination — it is a lifestyle movement for those seeking longevity, vitality, and optimal living.
A complete operating system for modern health.
Wellness Lounge
A curated space featuring infrared saunas, traditional sauna, magnesium baths, and cold immersion for cellular recovery.
Gymnasium
Premium self-access training space that supports consistency and flexibility.
Reformer Pilates
Low-impact, core-centric strength training for flexibility, posture, and injury prevention.
Strength & Conditioning
Athletic-style group workouts designed to improve everyday movement, strength, and cardiovascular health.
Holistic Movement
Grounding breath-led classes that enhance mental clarity, balance, and mobility.
Biohacking
Biomarker testing, red-light therapy, VO2-max testing, preventative care, and personalised nutrition and supplement protocols.
True health is multidimensional.
Beyond fitness, our programs are designed to nourish mental, emotional and physical health. Personalised assessments and programming ensure every member thrives across all domains of wellbeing.
Sustainable vitality, backed by science.
In a society driven by performance and productivity, CHANGE is pioneering a shift towards sustainable vitality — allowing members to live better, for longer, guided by experts and delivered in a beautifully designed environment.
To become the world's leading House of Health, redefining luxury fitness and wellness while creating spaces that empower humans to live healthier, longer, more connected lives — and the community focus that binds them together.
To offer integrated, science-backed wellness experiences in beautifully designed environments that cultivate community, celebrate individuality, and support each member on their journey toward optimal living.
A $3 billion category, compounding at 5.6% annually.
Australia is re-wiring how it thinks about health. The fitness industry is growing, but more importantly, the wellness mindset is going mainstream — and premium boutique formats are leading the category shift.
Three Level One flagships. One integrated capital thesis.
CHANGE is raising capital to expand our LEVEL ONE, 1,200sqm+ sites across Australia. These sites represent our highest-level offering, delivering the full suite of multi-modality services in locations with high consumer demand and significant long-term growth potential. The funds raised will finance construction, interior fit-outs, technology integration, staffing, and pre-launch marketing.
Surry Hills · Sydney
Burnside · Adelaide
Broadbeach · Gold Coast
"CHANGE has identified 22 high-impact locations across Australia, each strategically selected for premium market potential. These will be developed over a five-year period as part of our long-term expansion roadmap."
Five years of category-building.
From a single 500sqm Broadbeach flagship to a national House of Health with eight studios, 3,600+ active members, and a proven appetite for premium multi-modality wellness. The 2,800sqm Charles Avenue expansion now sits at the heart of the next chapter.
Broadbeach Launch
Our journey began in December 2020 with the opening of Broadbeach, a 500sqm flagship that set the benchmark for our Level Three Studio model.
One Membership, Multi-Modality Access
We introduced one membership model with 80+ classes per week — functional training, reformer pilates, yoga and breath work, united.
Member Experience R&D
Intensive brand and experience research, refining every member interaction for emotional connection and long-term loyalty.
EUPHORIA Queenstown
We launched EUPHORIA, our signature active retreat, with an unforgettable wellness experience in Queenstown, New Zealand.
CHANGE THIS Foundation
A social impact initiative donating $1 per member weekly to support vulnerable communities worldwide.
Scaling with Excellence
National expansion — scaling the CHANGE brand while investing deeply in leadership, team development and service precision.
Level One Studio Evolution
Our concept evolved into 1,200sqm+ wellness destinations — the category-defining LEVEL ONE Studio.
EUPHORIA Mentawai Islands
Our global retreat brand expanded to the Mentawai Islands — wellness, adventure and mindfulness in a secluded island paradise.
First Level One Build Begins
Construction commenced on our first LEVEL ONE location — a world-class studio that brings our full vision of integrated health to life.
A proven operating model, compounding.
Eight studios operating across Australia today, built on a retention-first model, a multi-tier membership stack, and brand partnerships that reflect the premium nature of our community.
CHANGE targets high-value consumers who prioritise lifestyle, wellbeing, and premium experiences — affluent professionals aged 24–56, high-performance individuals seeking balance, and health-conscious parents. Our locations are strategically positioned in affluent urban precincts where population growth, wellness values, and disposable income intersect.
- —All Classes
- —Open Gym
- —Network Events
- —Welcome Pack · Merch + Pillar
- —Exclusive Member Discounts
- —Tier 01 Inclusions
- —Nutrition or Personal Training
- —Everlab+ Tier Access
- —Eudt · Micro-Nutrition
- —Initial Consult Included
- —Tier 02 Inclusions
- —Nutrition + Personal Training
- —Wellness Pod Access
- —Projects Programming
- —Bring a Friend · 4 sessions / mo
Six-month minimum engagement term. $99 onboarding fee. Tier 03 represents the full Human Optimisation stack.
Recurring revenue is supplemented by Everlab+ ($76 / week), Open Gym casual visits ($8 / visit), Pods personalisation add-ons, retail and partnerships.
Four macro shifts that make CHANGE a category of one.
The premium wellness market is evolving rapidly. Every trend driving the next decade of consumer health — longevity, personalisation, preventative care, premium community — maps directly to CHANGE's operating system.
Longevity-focused memberships
Members move beyond aesthetic goals, seeking long-term vitality through memberships that combine recovery, biohacking, and personalised lifestyle optimisation as part of a holistic health journey.
Premium, community-centred environments
A clear shift away from budget gyms towards premium spaces that prioritise design, connection, curated experiences, and a strong sense of belonging.
Data-driven, bio-personalised health
Today's members expect precision — programs built around biometric testing, real-time data, and AI-powered insights to guide deeply personalised health outcomes.
Reactive → preventative health
A cultural transformation is underway — members take ownership of their wellbeing through proactive routines focused on prevention, longevity, and sustained performance.
A moat built on integration, retention, and brand.
- —Unique Super-Boutique Model
- —Integrated Wellness & Fitness Offering
- —Strong Founding Leadership
- —High Member Retention (90%)
- —Increasing Market Demand for Personalised Wellness
- —National & Key Location / City Expansion
- —Brand Partnerships & Tech Integrations
- —22 High-Impact Sites Identified Over 5 Years
- —Rising Competition in Boutique Wellness
- —Economic Pressures on Discretionary Spending
- —EUPHORIA — active retreat brand connecting members globally
- —CHANGE THIS Foundation — social impact & community
- —Integrated multi-modality under one roof — a category of one
Adjacent, but never integrated.
OnePlayground
Premium fitness with a multi-site approach, yet lacks the deep integration of wellness and biohacking found at CHANGE.
TotalFusion
Expansive training and wellness spaces — without the community service model and individual member care that defines CHANGE.
Saint Haven
High-end recovery and spa elements, but operates on an extremely exclusive membership capacity model that limits scale.
CHANGE surpasses its peers by integrating multiple high-performing wellness streams in one curated space — anchored by a brand identity rooted in aspiration, education, and community. EUPHORIA (our active retreat brand) and The CHANGE THIS Foundation extend this identity globally.
Surry Hills.
Level One Flagship · 1,200 m² · Opens AUGUST 2026
A 1,200sqm Level One flagship on Crown Street, Surry Hills. The build delivers a full waterfall wellness lounge, magnesium pools & cold plunge, infrared and traditional sauna, purpose-built reformer studio, premium weights hall with performance screen, and dedicated functional training floor — a single super-boutique address for Sydney's inner east.
Surry Hills is one of Sydney's most iconic urban precincts — less than two kilometres from the CBD, blending creative industries, luxury real estate, and a fast-growing appetite for holistic wellbeing. A dynamic cohort of professionals, high-net-worth individuals and culture-led consumers sit at the intersection of convenience, design and health-conscious living.
"Surry Hills leads the way in urban wellness evolution, offering the perfect environment for a premium next-generation wellness club like CHANGE. With limited direct competitors at this level of luxury and integration, CHANGE is poised to become the health destination of choice in Sydney's inner east."
Build commenced on site. Opening targeted August 2026.
The building, in full.
The numbers, forensically reconciled.
All figures stated in AUD. Source documents: CHANGE Confidential Information Memorandum (March 2026) and the accountant-reviewed financial reporting pack.
| Item | Amount | % Total |
|---|---|---|
| Construction & Consultants | $4,965,900 | 72.9% |
| Equipment (Gym, Pilates & Functional) | $923,985 | 13.6% |
| Franchise & Marketing Fees | $304,363 | 4.5% |
| Other (Bond, Cash on Hand, Uniforms) | $621,601 | 9.1% |
| Total Start-Up Cost | $6,815,848 | 100.0% |
| Source | Amount | Type |
|---|---|---|
| CHANGE (Management Entity) | $500,000 | Class A Equity |
| Simon Beckingham | $500,000 | Class A Equity |
| Andrew Wang | $500,000 | Class B Equity |
| Matthew Wilkins | $500,000 | Class B Equity |
| Liam Allan | $250,000 | Class B Equity |
| Total Committed Equity | $2,250,000 | — |
| Equipment Finance | $923,985 | Debt |
| Landlord Construction Contribution | $2,900,000 | Incentive |
| Construction Shortfall | $741,864 |
| Equipment Finance | $380,999 |
| Contingency Reserve | $125,000 |
| Total Facility Required | $1,247,863 |
Strong serviceability,
DSCR 3.95× by Y2.
The annual debt service requirement of $288,936 is covered by projected Year 1 EBITDA of $307,945, expanding to 3.95× coverage in Year 2.
| Membership Type | Net / Wk | Members | Weekly | Annual |
|---|---|---|---|---|
| Gym Only (24hr) | $44 | 150 | $6,615 | $343,980 |
| Functional Training | $71 | 100 | $7,110 | $369,720 |
| Reformer Pilates | $80 | 125 | $10,013 | $520,650 |
| All Inclusive | $116 | 200 | $23,220 | $1,207,440 |
| Total | — | 575 | $46,958 | $2,441,790 |
| AUD | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Total Revenue | $3,237,553 | $5,549,015 | $7,288,259 | $8,017,085 | $8,818,793 |
| EBITDA | $652,482 | $2,640,000 | $4,290,000 | $4,950,000 | $5,670,000 |
| EBITDA Margin | 20.2% | 47.6% | 58.9% | 61.7% | 64.3% |
Burnside.
Level One Flagship · 1,700 m² · Opens AUGUST 2026
A 1,700sqm architecturally refined destination with a state-of-the-art gymnasium, steam room, magnesium pools, ice baths, and a sauna overlooking the Adelaide Hills. Dedicated reformer studio, purpose-built functional training zones, an architecturally refined co-working space, and a premium health bar at the heart of the building. 10+5+5 year lease term.
Burnside is one of Adelaide's most established and desirable postcodes, home to a highly affluent and educated population who prioritise longevity, wellness and refined living. Seven kilometres from the CBD, surrounded by natural parklands, heritage streetscapes and luxury residences — the perfect balance of tranquillity and accessibility.
"The flagship CHANGE® Burnside is a 1,700sqm world-class wellness destination that redefines integrated health in South Australia — anchored by a sauna overlooking the Adelaide Hills, a dedicated reformer studio, and an architecturally refined co-working and health-bar precinct at the heart of the building."
9-month pre-opening cashflow secured. Build commences 2026.
The building, in full.
The numbers, forensically reconciled.
All figures stated in AUD. Source documents: CHANGE Confidential Information Memorandum (March 2026) and the accountant-reviewed financial reporting pack.
| Item | Amount | % Total |
|---|---|---|
| Construction & Technology | $6,050,000 | 70.3% |
| Equipment (Gym, Pilates, Functional, BioCHANGE) | $1,180,000 | 13.7% |
| Franchise, Design & Marketing Fees | $602,000 | 7.0% |
| Other (Bond, Cash on Hand, Uniforms, Merchandise) | $774,280 | 9.0% |
| Total Start-Up Cost | $8,606,280 | 100.0% |
| Source | Amount | Type |
|---|---|---|
| CHANGE (Management Entity) | $500,000 | Class A Equity |
| Simon Beckingham | $500,000 | Class A Equity |
| Class B — Block 1 | $1,000,000 | Class B Equity |
| Class B — Block 2 | $1,000,000 | Class B Equity |
| Class B — Block 3 | $1,000,000 | Class B Equity |
| Total Equity Target | $4,000,000 | — |
| Technogym Finance | $800,000 | Equipment Finance |
| Other Equipment Finance | $380,000 | Equipment Finance |
| Landlord Construction Contribution | $3,750,000 | Incentive |
| Total Start-Up Cost | $8,606,280 |
| Less: Landlord Contribution | ($3,750,000) |
| Less: Equipment Finance | ($1,180,000) |
| Required Capital to Open | $3,676,280 |
| Membership Type | Net / Wk | Members | Weekly | Annual |
|---|---|---|---|---|
| Gym Only (24hr) | $44 | 150 | $6,615 | $343,980 |
| Functional Training | $79 | 100 | $7,920 | $411,840 |
| Reformer Pilates | $89 | 125 | $11,138 | $579,150 |
| All Inclusive | $134 | 235 | $31,514 | $1,638,702 |
| Total | — | 610 | $57,186 | $2,973,672 |
| AUD | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Total Revenue | $4,440,205 | $7,086,916 | $8,427,684 | $9,270,452 | $10,197,497 |
| EBITDA | $1,382,465 | $3,730,000 | $4,880,000 | $5,580,000 | $6,347,629 |
| EBITDA Margin | 31.1% | 52.6% | 57.9% | 60.2% | 62.2% |
Broadbeach.
Level Three Flagship — Charles Avenue Expansion · 2,800 m² · Opens ROLLING · CHARLES AVE EXPANSION
Broadbeach is the birthplace of CHANGE. The Charles Avenue expansion unlocks a 2,800sqm landmark site with 80 metres of uninterrupted shopfront plus a rooftop open-air wellness oasis, reaffirming Broadbeach as the spiritual home of CHANGE.
Broadbeach is the birthplace of CHANGE. The landlord has offered exclusive access to take over Charles Avenue — unlocking an extraordinary site with 80 metres of uninterrupted shopfront along the main thoroughfare leading to Broadbeach's iconic golden sands, plus the rare chance to crown the project with a rooftop open-air wellness oasis.
"This landmark development will redefine the health and wellness experience on the Gold Coast and reaffirm Broadbeach as the spiritual home of CHANGE."
Birthplace of CHANGE. Generational expansion opportunity.
The building, in full.
The numbers, forensically reconciled.
All figures stated in AUD. Source documents: CHANGE Confidential Information Memorandum (March 2026) and the accountant-reviewed financial reporting pack.
| Item | Amount | % Total |
|---|---|---|
| Construction Cost | $4,000,000 | 80.0% |
| Equipment Costs | $740,000 | 12.8% |
| Other Costs | $701,700 | 12.1% |
| Startup Cost | $298,300 | 5.1% |
| Total Project Cost | $5,740,000 | 100.0% |
Y5 projected YoC 62% · ROI 148%.
Based on a 10% equity stake at a $600,000 valuation. 60% occupancy at launch, scaling to 100% by month five of year two. Yield on Cost (YoC) and Return on Investment (ROI) driven by increasing membership and revenue stabilisation.
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Yield on Cost | 36% | 43% | 50% | 56% | 62% |
| Return on Investment | −64% | −21% | 29% | 86% | 148% |
| Block Size | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| 50% Block | $1,035,584 | $1,367,501 | $1,617,402 | $1,815,286 | $2,012,187 |
| 10% Block | $207,117 | $273,500 | $323,480 | $363,057 | $402,437 |
| 5% Block | $103,558 | $136,750 | $181,529 | $181,529 | $201,219 |
Three flagships. One compounding EBITDA story.
Across Surry Hills and Burnside alone, the Level One format is projected to generate in excess of $12M in combined annual EBITDA by Year 5, at blended margins above 62%. Broadbeach's Charles Avenue expansion adds a fourth, higher-margin layer to the existing operating base.
$12M+
Combined Year 5 EBITDA from Surry Hills & Burnside alone, before contribution from Broadbeach's Charles Avenue expansion or subsequent Level One sites.
| Metric | Surry Hills | Burnside | Combined |
|---|---|---|---|
| Year 1 Revenue | $3.24M | $4.44M | $7.68M |
| Year 5 Revenue | $8.82M | $10.20M | $19.02M |
| Year 1 EBITDA | $652K | $1.38M | $2.03M |
| Year 5 EBITDA | $5.67M | $6.35M | $12.02M |
| Blended Y5 Margin | 64.3% | 62.2% | 63.2% |
Express interest. Enter the data room.
We invite qualified, genuinely interested parties to review the materials below and register an expression of interest. Deposits are held in trust. Shares will not be held without a deposit.
When is the capital raise close date?
Surry Hills — debt facility open now. Burnside — rolling close through 2026. Broadbeach — rolling close, $3M remaining.
Who is the director?
Pete Haselhurst, Founder of CHANGE®.
Expected timeline for site openings?
Surry Hills — build commenced on site, opening targeted August 2026. Burnside opens August 2026. Broadbeach — Charles Ave expansion timeline confirmed on data-room access.
When is capital required?
A 20% deposit is required within 7 days of signing, with the remaining 80% due per the funding schedule confirmed in the shareholders agreement.
Is CHANGE a franchise?
Yes. CHANGE operates under a franchise model. These investments relate to corporately-owned, privately-operated sites under private ownership.
Shareholders rights?
A formal shareholders agreement outlining voting provisions, dividend entitlements and exit opportunities is provided in the data room.
Corporate structure?
Each location (CHANGE® Surry Hills, CHANGE® Burnside, CHANGE® Broadbeach) has been incorporated as a private limited company.
Dividends?
Distributed monthly, subject to minimum capital reserves. Full policy provided in the data room.
Exit strategy?
Private sale, future corporate buyout, or capital restructuring events.
- 01
Submit an EOI confirming the number of share blocks you intend to acquire and confirmation of financial liquidity.
- 02
Access the CHANGE data room — shareholders agreement, dividend policy, detailed financial modelling, design look & feel, and site documentation.
- 03
Scheduled video call with CHANGE Founder Pete Haselhurst to align on timelines, rights, and reporting.
- 04
Formal deposit (20%) held in trust within 7 days of signing. Shares will not be held without a deposit.
- 01Shareholders Agreement
- 02Dividend Policy
- 03Detailed Financial Modelling (Excel)
- 04Interior Design Look & Feel
- 05Site Photos, Videos, Plans & General Info
More than a studio.
A community-driven House of Health.
This is your opportunity to invest in a category-defining brand set to become the global benchmark for luxury health and wellness.