This article is from the Australian Property Journal archive
CO-WORKING space operator Wotso is launching new products targeted at the hospitality and health industries, as it also seeks to expand its office footprint throughout the suburbs and the regions.
Wotso detailed its new products in a market update. Among them are CookSpace and HealthSpace, which will build on Wotso’s existing flexible workspace solution and tailor the product to the needs of hospitality and health professionals, while Wotso Express provides a condensed version of its traditional workspace model with a retail shop front.
CookSpace will provide fully equipped “dark” commercial kitchen space for the likes of caterers, food start-ups, and food truck operators. HealthSpace, with its joint venture partner Wellshare, will offer dedicated consultation space for medical and allied health professionals such as physiotherapists, mental health professionals and other therapists.
The first CookSpace will launch in the March quarter and its first HealthSpace has already launched at our WOTSO North Strathfield location.
Meanwhile, the company said it is looking to expand its flexspace offering to be closer to people’s homes.
“We are working with a number of new and existing stakeholders to bring more Wotso locations to the suburbs and regions. We are seeing an increasing number of real estate owning businesses looking to include an established flexspace provider in their assets and there is a growing recognition of the benefits of flexspace and Wotso is an established and expandable solution for these stakeholders,” it said.
It will settle on its first New Zealand property in Auckland’s Takapuna this week, where it will open its first workspace in the country early in the new year.
Its Adelaide property has seen a $4.2 million valuation uplift to $13 million following the latest stage of development.
Wotso said it is generating net revenue of $430 per sqm in the 22,800 sqm it occupies, a 40% premium on what would be achieved under a traditional lease. Wotso occupies 29% of the Wotso Property portfolio and contributes 32% of the revenue.
Wotso reported a net rental income uplift of about 50% on pre-pandemic levels in its annual results. Last week saw its ASX-listed rival, Victory Offices, go into voluntary administration after finding the pandemic conditions much tougher.
