WOTSO Property (WOT) has picked up Mandurah’s ex-Australian Sailing Museum for $2 million.
The ASX listed co-work office provider intends to repurpose the ex-museum at 22 Ormsby Terrace to occupy.
The 1813 square metre waterfront site was marketed for its development upside; it can make way for a structure of up to five floors.
Since the ASM moved out in 2012, the property has been occupied as a church and function centre.
In a statement, WOT said the Mandurah property was purchased following virtual inspections.
The deal will be funded from capital recycled from the recent $3.5m sale of a Toowoomba warehouse, it added.
“We are pleased that the capital from the sale has been quickly recycled into a property that is a better match with the group’s other assets and that complements our broader strategy,” according to WOT joint managing director Tim Brown (story continues below).
“With the purchase, [WOT] will have a portfolio of 12 properties with a WOTSO [co-work] facility in all but one”.
22 Ormsby Terrace, Mandurah
The Ormsby Tce property contains 1510 sqm of area including a commercial kitchen.
“Not everyone will look at a vacant function centre and former museum and think ‘flexible workspace’ but we do,” co-managing director, Jessie Glew, said of the purchase.
“Buildings with character and history really add to the feel of a WOTSO and the community that is built,” she added.
Expected to open in 2022, the Mandurah property will be the co-working group’s first Western Australian office.
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