This article is from the Australian Property Journal archive
FLEXIBLE workspace provider WOTSO Property (ASX: WOT) continues to grow its presence in New Zealand, securing a fourth site for NZ$3.7 million.
Located 160km north of Auckland, Whangārei, the 2,124 sqm property in Whangārei, the capital of Northland. The $NZ3.7 million acquisition will grow its property portfolio to over $300 million.
CEO Jessie Glew said Whangāre services a district population of more than 100,000, and presents strong demand for flexible workspace solutions.
The site is anchored by a modern office building, occupying just 30% of the property, allowing for immediate operation as a flexspace with significant future redevelopment potential.
“It’s perfect for us,” said Glew. “The building will make an excellent flexspace now, and the balance of the underutilised land provides a great opportunity for future expansion.”
The sale was facilitated by Bayleys Whangārei.
Previously a car sales yard, the property was repurposed by vendor Donovan Group, one of New Zealand’s largest engineering companies.
“They completed a high-quality fit out, which we will further enhance, adding a mix of private offices and coworking spaces.
“We anticipate accommodating approximately 105 desks across the 630 sqm office space,” she added.
Whangārei is the company’s first site outside Auckland and brings WOTSO’s total operating sites to 27 across Australia and New Zealand.
