This article is from the Australian Property Journal archive
WOTSO Property (ASX: WOT) has added three flexible workspaces to its investment portfolio.
The three NSW properties acquired include a three-storey office building at 1 Tudor Street, Newcastle West, a development and expansion site adjoining the former at 811-815 Hunter Street and a freestanding office and warehouse at 2 Ada Avenue, Brookvale.
The acquisitions will expand WOTSO’s flexible workspace footprint, bringing them to 18 sites nationally.
WOTSO Newcastle and WOTSO Brookvale are currently scheduled to launch at the start of the new financial year.
The three sites have a NLA just below 4,000sqm and represent around $10 million in deployed capital.
WOTSO itself was last year acquired by Blackwall Property Trust, after Blackwall Limited abandoned plans to launch the co-working business as a publicly listed platform.
The coworking sector is expected to expand its global foot print from approximately 360 million sq ft to about 2.5 billion sq ft in the decade starting 2018, according to research by morning star.
Developers like BEKL and Deague Group are entering the coworking space this year for the first time, while Hub Australia has continued to expand with its recent launch of Canberra based Hub Civic Quarter.
These transactions are part of WOTSO’s strategic move to purchase well positioned and well-priced properties and utilise its own business as a tenant.
