Alpine Health and Fitness, within the Queenstown Events Centre, cost $780,000 to fit out and equip and has created 13 jobs - five for front-of-house staff, three for trainers and five for group fitness instructors.
Lakes Leisure chief executive Fiona McKissock said the integrated facility meant families could do activities ranging from swimming to weightlifting to fitness classes under one roof.
The gym completes the Queenstown Aquatics Project, which was presented to the community in 2002.
The project is now known as Alpine Aqualand.
As well as an area for free weights, there will be provisions for physiotherapy, chiropractic adjustment, acupuncture and massage in the 525sq m space.
Stairs lead to a mezzanine floor, where cross-trainers, treadmills, rowing machines and kayak ergometers will be used, with a further area set aside for medicine balls, Swiss balls and stretching.
Health and fitness manager Richie Heap said there had been "a big take-up" of memberships from Frankton, Kelvin Heights, Quail Rise and Lake Hayes Estate residents.
"I believe we have a different target market [compared with existing gyms] and our location makes us what we are.
"The two great gyms in town have their own target market and they'll be fine.
"For us, it's the wider community. We'll be implementing programmes for the elderly and the youth and ourprices reflect that.
"We have a community services card rate, to give people who are in a lower-income bracket the option of being able to do health and fitness."
Lakes Leisure will use membership revenue to pay rent to the Queenstown Lakes District Council, interest on the loan to fit out the gym, and its operating costs.
Memberships, which also include access to the swimming pool and fitness classes, are available for six-month and 12-month periods.
Alpine Health and Fitness will be open 6am to 9pm on weekdays and 8am to 8pm on weekends.
