WOTSO, Australia’s largest locally owned coworking operator, has sold a key industrial asset at Yandina on the Sunshine Coast for $27 million, a record for the region.
The 2.3 hectare site sold with a 10-year lease to long-term tenant APN Print, a subsidiary of News Corp.
CEO Jessie Glew said Yandina had become a non-core asset for WOTSO, where the primary focus is now on its thriving coworking business.
She said the sale will free up funds to accelerate the expansion of WOTSO’s fast-growing network of 39 coworking locations in Australia and New Zealand
“Overall, we’re pleased with the outcome,” Glew said. “While the sale price was modestly below our carrying value, the property was purpose built and no longer aligned with our strategy of growing the WOTSO operating business.
“Importantly, this transaction allows us to recycle approximately $16.5 million into property acquisitions that directly support WOTSO’s expansion, particularly across suburban and regional markets where we continue to see strong demand and attractive opportunities.”
Glew also clarified commentary in her CEO’s address late last year regarding a capital-light approach for the business.
“This refers specifically to fitouts in third party properties where we partner with landlords and does not apply to assets we already own,” she said.
“There is no change in our intention to continue acquiring properties where ownership supports long term value creation.
“We’re genuinely excited about what this capital enables next and the opportunities ahead as we continue to grow WOTSO’s property and operating platform in a disciplined, strategic way.”
Nick Dowling, Managing Director of Colliers International Sunshine Coast, said it was a record result for a regional industrial property driven by strong investor interest.
“The sale is the highest value industrial transaction recorded on the Sunshine Coast and reinforces the broader markets confidence in our region,” Dowling said.
“The offering generated a lot of interest from interstate investors, particularly fund managers looking for higher yielding opportunities.”
