WOTSO heads into town with its first Sydney CBD coworking space at Stockland’s Piccadilly Complex

After spending the past few years growing its suburban network nationally, coworking space provider WOTSO (ASX: WOT) has ventured into the Sydney CBD for the first time after opening a new location at Stockland’s (ASX: SGP) Piccadilly Complex in Pitt Steet.

WOTSO’s CEO Jessie Glew says the collaboration with property giant Stockland has already paid dividends as all the private flex offices at Piccadilly have been taken while there is growing demand for coworking desks from new and existing WOTSO members.

“People just love the location,” says Glew.

“It’s a cost-effective solution for CBD flex at really competitive price points for such a well-located space - there’s so much happening in the Midtown area.”

WOTSO, which has about 7,800 desks in its portfolio of 30 sites across Australia and New Zealand, has largely focused on the suburban and regional flexspace market which the company says provides a clear point of difference for customers.

However, the company decided to establish the Sydney CBD site after being approached by Stockland’s S Connect team, which manages popups across its retail portfolio, to reactivate the Picadilly Complex site.

“S Connect have been so good to work with,” says Glew. “They wanted to bring WOTSO to Piccadilly and did everything to make it happen.”

Michele Pirozzi, the head of Stockland’s S Connect, sees solid potential for growth through the WOTSO collaboration.  

“We’re really excited about this collaboration are looking at other potential opportunities across our entire portfolio,” says Pirozzi.

“Stockland is focused on enhancing the experience for its customers and flexible workspace has a key role to play.”

While WOTSO plans to continue focusing on suburban sites, Glew says she is open to considering more CBD sites if the timing, location and site is right.

“We’ve never found the right opportunity or right landlord in the Sydney CBD until now,” she says.

The Piccadilly site comprises just 233 square metres, making it WOTSO’s most compact property and its first Coworking Café.

The Coworking Café concept is designed for "smaller, more intimate spaces" that the company says are proving popular in international markets, particularly Europe.

However, despite the name, there’s no coffee for sale – just a space that offers an “inviting, relaxed atmosphere”.

“A space of this size and in this location helps address that feeling of being lost that some people feel in bigger spaces,” says Glew.

“Everyone will know everyone here and will be able to find everything that they need.”

The site's location within the Piccadilly Complex will provide WOTSO customers access to two-levels of retail including food and dining, services and fashion as well as end-of-trip facilities, a wellness space and the Treehouse Childcare Centre.

WOTSO last month reported a 5 per cent increase in revenue to $47 million for FY25, aided by a 6 per cent increase in flexible workspace revenue to $32 million from organic growth and five new sites.

Despite underlying EBITDA surging 14 per cent to $9.8 million, the group reported a statutory pre-tax loss in FY25 of $4.4 million which was impacted by non-cash depreciation of flexible space assets, and the impact of lease accounting.