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WOTSO Property (ASX:WOT) acquires three new properties
2 Ada Avenue, Brookvale NSW. Source: Novak
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  • WOTSO Property (WOT) has acquired three further properties to grow its investment portfolio and expand the footprint of its flexible workspace business
  • WOTSO Newcastle and WOTSO Brookvale are expected to open their doors at the beginning of the new financial year
  • The three properties have a net lettable area just under 4000 square metres and represent approximately $10 million of deployed capital
  • The company said the purchases are representative of its strategy to acquire well-priced and -positioned real estate and utilise its own flexible workspace business as a ready-made tenant
  • In February 2021, the company had 16 sites with a 70 per cent occupancy rate, with 3,946 occupied desks out of 5,547

WOTSO Property (WOT) has acquired three further properties to grow its investment portfolio and expand the footprint of its flexible workspace business.

First cab off the ranks is a 1000 square metre, three-story office building at 1 Tudor Street, Newcastle NSW.

The company also has a future development and expansion site at 811-815 Hunter Street, Newcastle West NSW — adjoining 1 Tudor Street —on the cards.

"Newcastle has always been a location we would love to be in, but we just haven’t been able to find the right piece of real estate," WOTSO Property Joint MD Jessie Glew commented.

"1 Tudor Street is in a great location, and the bones of the building are exactly what we are after. There is also some room for growth."

Their third acquisition of the year is a freestanding office and warehouse property at 2 Ada Avenue, Brookvale NSW.

The purchases will take the total number of WOTSO sites to 18 nationwide, with the company enjoying sites in Queensland, South Australia, Australian Capital Territory and Tasmania.

WOTSO Newcastle and WOTSO Brookvale are expected to open their doors at the beginning of the new financial year.

The three properties have a net lettable area just under 4000 square metres and represent approximately $10 million of deployed capital.

The company said the purchases are representative of its strategy to acquire well-priced and -positioned real estate and utilise its own flexible workspace business as a ready-made tenant.

In February 2021, the company had 16 sites with a 70 per cent occupancy rate, with 3946 occupied desks out of 5547.

The company has said previously that the COVID-19 pandemic "has brought flexible work practices to the front of mind of employees and employers alike" and that it was benefitting from this focus.

Since the COVID impact, the company reported that February 2021 occupied desk numbers are now higher than the same time 12 months ago.

WOTSO Property shares are unchanged, trading at $1.35 at 11:44 am AEST.

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