This article is from the Australian Property Journal archive
WOTSO Property is set to acquire a new property in Sydney’s lower North Shore for $9.2 million, to be developed into a new WOTSO Workspace location.
The asset, located at 233-237 Military Road in Cremorne, previously operated as a 2nds World outlet and features 1,400sqm of NLA with extensive exposure to Military Road.
As a new WOTSO Workplace, the site will include associated amenities and will reinforce the group’s strategy of using WOTSO as a “ready-made” tenant for its acquired properties.
This latest purchase brings the group’s property acquisitions up to five for the year, with Brookvale, NSW, Mandurah, WA and two locations in Newcastle, NSW, while over 2021 WOTSO also had three new sites open or set to open soon.
On top of this, the group has entered into an option deed with the owners of the WOTSO Neutral Bay site and BlackWall head office at 50 Yeo Street.
If this option deed is exercised WOTSO would relent its leases at the site and in return receive a $5.5 million fee from the owners.
The group also reported $20 million of annualised turnover for December 2021, which exceeds its pre-pandemic peak in February 2020 of circa $16 million by 24%.
This follows a $12 million increase in annualised turnover to $21 million announced in August, after group moved into capitalise on increasing numbers of businesses looking to adopt hybrid working models in a changing workplace landscape.
