- WOTSO Property (WOT) signs contracts for what will be the company’s first property in Western Australia
- Due to the continuous lockdowns and border restrictions, the property at 22 Ormsby Terrace in Mandurah was acquired “sight unseen”
- The property was acquired for $2 million after it was offered for $2.95 million, with money recycled from a $3.5 million sale of a historical asset
- Shares in WOTSO Property remain unchanged at $1.40 as of 11:15 am
WOTSO Property (WOT) has exchanged contracts on what will be the company’s first foray into the Western Australian market.
The property, located at 22 Ormsby Terrace, Mandurah, was purchased “sight unseen” due to the ongoing lockdowns and border closures.
The acquisition was made using virtual tours and street view, bypassing the regular corporate procedure, but the group is convinced that the risk will be rewarded.
The property was acquired for $2 million after it was offered for $2.95 million, with money recycled from a $3.5 million sale of a historical asset in the company’s portfolio.
“The Toowoomba asset was an industrial property we inherited and there was little we could do to move it forward,” WOTSO joint managing Director Tim Brown said.
“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 Property will now have a portfolio of 12 properties, all of which include a WOTSO facility save one.
“Not everyone will look at a vacant function centre and former museum and think ‘flexible workspace’, but we do,” joint managing director Jessie Glew said.
“Buildings with character and history really add to the feel of a WOTSO and the community that is built.”
22 Ormsby Terrace was once home to the Australian Sailing Museum and represents over 1500sqm of net lettable area (NLA). The property will soon house Western Australia’s first WOTSO WorkSpace that it hopes to operate under a joint venture with a local flexible workspace operator.
WOTSO Mandurah, which will be run by a local operator, is set to open in early 2022.
Shares in WOTSO Property remain unchanged at $1.40 as of 11:15 am.