WOTSO finds 'missing link' for co-working network with Melbourne property acquisition

CEO Jessie Glew says Melbourne has been the missing link in WOTSO’s network of 28 locations across Australia and New Zealand.

"We have been looking for the right site in Melbourne for the past decade and are so pleased to have finally secured such a well-located space," says Glew.

"Melbourne is an important business destination for our interstate members, and we’ll now be able to offer them a place to work when they’re visiting.

"WOTSO’s new Melbourne members will also have access to Australia’s largest flexspace network, with offices in every major capital city."

The group did not reveal the purchase price for the 570sqm level of Bank House in partnership with law firm Speirs Ryan, which will occupy 100sqm while WOTSO occupies the balance. The building itself was constructed in 1903 and is located at 11-19 Bank Place, which connects Little Collins Street and Collins Street.

The contract was signed last week, with settlement expected in early December. Glew says the time was right to buy in Melbourne’s CBD, which is recovering from the impact of COVID-19.

“We think this is a good buying opportunity and the right fit for WOTSO and it was a pleasure working with Tiga's Griffin Barrett and Martin Leong to get the deal across the line,” Glew says.

The announcement comes soon after WOTSO's appointment of a new chief financial officer, Chris Williams, at the start of this month. Williams was previously with KPMG, and more recently was a senior manager with Deloitte working across Australia and Canada.

WOTSO Property reported record revenue of $49.7 million in FY24, the majority of which came from the WOTSO FlexSpace business after growing its number of locations by five over the year with a total of 7,210 desks under management across 48,000sqm

The group also owns and manages a property portfolio of 16 commercial buildings valued at around $300 million.