SYDNEY: WOTSO FlexSpace will launch its first Melbourne site early next year, having acquired an entire floor in the historic Bank House, part of the Bank Place heritage precinct in Melbourne’s CBD.

Jessie Glew, CEO of WOTSO Property, stated that Melbourne has been the missing link in WOTSO’s network of 28 locations across Australia and New Zealand. “We have been looking for the right site in Melbourne for the past decade and are so pleased to have finally secured such a well-located space,” Glew said. “Melbourne is an important business destination for our interstate members, and we’ll now be able to offer them a place to work when they’re visiting. WOTSO’s new Melbourne members will also have access to Australia’s largest flexspace network, with offices in every major capital city.”

WOTSO purchased a 570 sqm floor of Bank House, framed by arched windows on all four sides, in partnership with law firm Speirs Ryan. Speirs Ryan will occupy 100 sqm, while WOTSO will take the remaining space. The contract was signed last week, with settlement expected in early December.

Glew mentioned that the timing was right to invest in Melbourne’s CBD, which is recovering from the impact of COVID-19. “We think this is a good buying opportunity and the right fit for WOTSO and it was a pleasure working with Tiga’s Griffin Barrett and Martin Leong to get the deal across the line,” Glew added.

Bank House, built in 1903 by Charles Robertson, is located at 11-19 Bank Place, which connects Little Collins Street and Collins Street.

WOTSO Property (ASX: WOT) is a growth business supported by real estate fundamentals, owning and managing a property portfolio of 16 commercial buildings valued at around A$300 million, providing a steady and reliable income stream.

WOTSO offers products and services to support broking and agency networks and operates as a co-owner through its equity interests in several broker businesses, underwriting agencies, and other complementary businesses. WOTSO also owns a portfolio of 29 underwriting agencies and holds a 60% stake in UnisonSteadfast, a global general insurance broker referral network with 294 brokers in 110 countries. WOTSO is a licensed Lloyd’s of London broker and ranks 17th in Best’s Review’s Top Global Insurance Brokers ranking.