Wotso launches into WA

ASX-listed co-working venue operator WOTSO Property has made its first purchase in Western Australia, acquiring the former Australian Sailing Museum building in Mandurah sight unseen due to ongoing lockdowns and border closures.

The 22 Ormsby Terrace property has over 1,500 sqm of net lettable and will soon house the state’s first WOTSO WorkSpace, which it hopes to operate under a joint venture with a local flexible workspace operator and open early in 2022.

“Not everyone will look at a vacant function centre and former museum and think ‘flexible workspace’, but we do. Buildings with character and history really add to the feel of a WOTSO and the community that is built.” said Jessie Glew, joint managing director.

WOTSO said the building was purchased for $2 million after it was listed for $2.95 million, and was funded by recycling funds from the $3.5 million sale of a Toowoomba industrial site that was a legacy asset in its portfolio and which “there was little we could do to move it forward”.

“We are pleased that the capital from the sale has been quickly recycled into a property that is a better match with the group’s other assets and that complements our broader strategy,” WOTSO joint managing director Tim Brown said.

“Defying the normal corporate process, the purchase was made through virtual tours and street view but the group is confident the risk will be worthwhile and is excited to see what it can bring to Mandurah.”

WOTSO Property now has a portfolio of 12 properties with a WOTSO facility in all but one. Focused on suburban and regional sites, it announced the addition of three flexible workspaces in Newcastle and Brookvale to its investment portfolio earlier this year.

WOTSO’s turnover grew significantly during the 2021 financial year as more businesses adopted hybrid working models. It is undertaking a pilot alliance program with rival Hub Australia that will see their respective suburban-focused offerings and CBD offering open to the rivals’ combined 7,000 members.