This article is from the Australian Property Journal archive
ASX-listed co-working and flexible workspace provider Wotso will open its first Melbourne venue early next year, having purchased a whole CBD floor in historic Bank House after a decade of looking for the right space in the southern capital.
WOTSO bought a 570 sqm level of Bank House – framed by arched windows on all four sides – in partnership with law firm Speirs Ryan. Speirs Ryan will occupy 100 sqm with WOTSO operating a coworking, flexible office and meeting space over the remaining 470 sqm.
Built in 1903 by Charles Robertson, Bank House is located at 11-19 Bank Place, which connects Little Collins Street and Collins Street in the city’s legal precinct.
Jessie Glew, CEO of Wotso Property, said Melbourne has been the “missing link” in its network of 28 locations across Australia and New Zealand.
“We have been looking for the right site in Melbourne for the past decade and are so pleased to have finally secured such a such a well-located space,” says Glew.
“Melbourne is an important business destination for our interstate members, and we’ll now be able to offer them a place to work when they’re visiting.”
Wotso’s new Melbourne members will have access to Australia’s largest flexspace network, with offices in every major capital city.”
Glew said the time was right to buy in Melbourne’s CBD, which is recovering from the impact of COVID-19.
“We think this is a good buying opportunity and the right fit for WOTSO,” Glew says.
Griffin Barrett and Martin Leong from Tiga managed the sale of the floor.
The co-working sector has seen a number of operators increase their footprint in the wake of COVID, as businesses reassessed their requirements for office space as workers transitioned to a flexible working model. The exception has been WeWork, once the global poster-child for the sector, which has emerged from bankruptcy but has slashed its floor space and its future lease obligations.
