WOTSO FlexSpace (ASX: WOT) will open its first Melbourne site early next year having purchased a whole floor in the historic Bank House, part of the Bank Place heritage precinct in the city’s CBD.
Jessie Glew, CEO of WOTSO Property, 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,” Ms Glew said.
“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.”
WOTSO bought a 570 sq. m level of Bank House – framed by graceful arched windows on all four sides - in partnership with law firm Speirs Ryan.
Speirs Ryan will occupy 100 sqm, with WOTSO occupying the balance.
The contract was signed last week, with settlement expected in early December.
Ms 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,” Ms Glew said.
Bank House, which was built in 1903 by Charles Robertson, is located at 11-19 Bank Place, which connects Little Collins Street and Collins Street.
WOTSO Property ‘ growth business is underpinned by real estate fundamentals which owns and manages a property portfolio of 16 commercial buildings valued at around $300 million.