WOTSO acquires Cremorne site

WOTSO recently paid $2 million for Mandurah’s ex-Australian Sailing Museum.

Co-working office provider WOTSO has paid $9.2 million for a former 2nds World outlet on Sydney’s lower north shore.

The three storey, 1400 square metre brick building, 233-237 Military Road, Cremorne, will be repurposed for commercial use.

It was recently the subject of a boarding house application.

WOTSO has also entered an option deed to acquire a nearby Neutral Bay property it occupies, part as its headquarters, at 50 Yeo Street.

If exercised, the group can give up leases it holds on the property and bank $5.5 from the vendor.

The price it has agreed to pay is as yet unknown (story continues below).

“The group is comfortable with an outcome that sees WOTSO occupy either the Cremorne site only or both the Cremorne and Neutral Bay sites,” the company said.

“We are confident that the WOTSO offering will continue to be successful on Sydney’s lower north shore under either circumstance,” it added.

The deals come three months since the operator outlaid $2m for Mandurah’s ex-Australian Sailing Museum, which it also plans to repurpose as offices.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.