- Located at 22 Ormsby Terrace, Mandurah
- Is an hour south of Perth, Western Australia
- Was previously home to the Australian Sailing Museum
WOTSO Property (ASX: WOT) has purchased its first Western Australian property ‘sight unseen’ due to the ongoing Covid issues.
The flexible co-working and office space provider WOTSO de-coupled from its parent company BlackWall Property Trust (ASX: BWR) earlier this year and listed on the ASX, trading under the ticker WOT.
Also earlier this year, WOT acquired three properties in New South Wales, including a freestanding office and warehouse property in Brookvale, 30 minutes north of Sydney, and two properties in Newcastle West, two hours north of Sydney.
The West Australian acquisition is located at 22 Ormsby Terrace. The former Australian Sailing Museum building was purchased for $2 million.
In a booming market that has otherwise seen property prices surge, this purchase was made lower than the $2.95 million list price.
WOTSO said the acquisition was funded by recycling funds from the $3.5 million sales of a legacy asset in its portfolio.
“The Toowoomba asset was an industrial property we inherited and 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,” said Joint Managing Director Tim Brown.
Following the Mandurah acquisition, WOTSO property’s portfolio grows to 12.
The former sailing museum has a net lettable area of 1,500 square metres, with the space to soon house a WOTSO facility.
WOTSO’s annual report released in August reported an adjusted net asset value per security of $1.49, with gross assets, then, coming in at $402 million. Net gearing was 25%, and total revenue was reported to be $30.4 million.