From property to people. ASX-listed WOTSO (ASX: WOT) has formally dropped ‘Property’ from its name to reflect its transformation into one of Australia’s leading flexspace operators.
Just over 10 years ago WOTSO was a traditional property company, buying, owning and managing real estate assets.
Now the WOTSO flexspace business, which started as an innovative way to fill vacant office space, has expanded to 31 sites currently open and is generating twice the revenue of its 16 properties valued at $265 million.
CEO Jessie Glew says many people still view WOTSO as a traditional real estate investment trust (REIT), when this is no longer the case.
“We want people to focus on the operating business and felt the inclusion of ‘Property’ in our name was sending mixed messages as to where the Group’s focus sits.” she says.
“While property remains a core asset and growth enabler, we’re positioning for long term value creation through expansion of operating income alongside active asset repositioning.”
In the six months to December 31, WOTSO’s flexspace business, managed in-house, earned $15.8 million revenue compared with $8 million in real estate rent.
During the third quarter of FY25, the expanding flexspace business drove revenue growth of 8%, a trend Glew expects to continue.
“We want to be the largest flexspace operator in Australia and New Zealand, growing by around six or seven sites each year,” she told a recent Sharewise webinar.
Glew says the business is all about people and community, giving its 5,700 members in suburban and regional hubs a place to work and interact that’s close to home.
“We are helping hundreds of businesses by putting flexspaces near to where they live, on flexible terms that allow them to grow and contract as required.”
