empty co working space
Image – Canva.
  • Listed on the ASX in February this year
  • Three acquisitions made in NSW
  • Total cost is circa $10 million

Co-working space company WOTSO (ASX: WOT) has acquired three properties in New South Wales.

The properties include a freestanding office and warehouse property in Brookvale, 30 minutes north of Sydney, and two properties in Newcastle West, two hours north of Sydney.

WOTSO said the acquisition totals circa $10 million in capital deployed, with net leasing area under 4,000 square metres.

The acquisitions on 1 Tudor Street and 811-815 Hunter Street in Newcastle West and 2 Ada Avenue in Brookvale are an addition to an already strong and growing portfolio of 16 sites across four states (South Australia, Queensland, New South Wales, and Tasmania) and the Australian Capital Territory.

Whilst Covid made the co-working model almost untenable for some companies, WOTSO maintained a strong position listing on the ASX under the ticker WOT in February this year, after de-coupling from its parent company BlackWall Property Trust (ASX: BWR).

WOTSO reported its percentage occupancy rate in February 2020 was 92%, with 3,334 desks occupied. In February 2021, however, the total figure rose, with 3,946 occupied desks.

The company also saw strong recoveries post-Covid, with the onset of the pandemic only creating a minor aberration in the annualised turnover.

WOTSO annualised revenue
WOTSO annualised revenue. Source – WOTSO.

Parent company BlackWall is currently trading at 50 cents, WOTSO is trading at $1.35.

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