This article is from the Australian Property Journal archive
ASX-listed flexible workspace provider WOTSO Property has made its first acquisition across the ditch, spending NZ$10.5 million for 1,400 sqm of office space on Auckland’s lower north shore.
WOTSO plans to open in early 2023 in Karaka House, at 9 Huron Street in Takapuna.
“With the way people work continuing to evolve, many companies are turning to flexible workspaces to meet their needs instead of the more traditional lease approach to office space,” said Jessie Glew, joint managing director alongside Tim Brown of BlackWall Limited.
“New Zealand, like Australia, is a country full of hard-working small business operators and WOTSO Takapuna will provide the first of a network of easy and cost-effective solutions for businesses to work from”.
Jessie Glew is the daughter of WOTSO and BlackWall founder Seph Glew, who in the late 1970s as AMP’s investment officer negotiated an off-the-plan purchase of the Takapuna property and named the building Karaka House, a name that has survived to this day.
With this purchase, Seph returns to the Kiwi commercial property market 30 years after exiting following the collapse of 1980s high flyer Chase Corporation.
Peta Leary from Bayleys North Shore Commercial facilitated the transaction.
WOTSO Property made five acquisitions in 2021. In December it picked up a former 2nds World outlet in Cremorne on Sydney’s lower North Shore for $9.2 million for a new site, following purchases in Brookvale, two in Newcastle, and in Mandurah, in its first move into Western Australia.
WOTSO Property’s expansion comes as another listed flexible workspace operator, Victory Offices, shutters locations in Sydney and Melbourne and reels from the exodus of top brass including former Victorian Premier Steve Bracks.
