The Work Project signs JV with Australian firm Dexus, takes over five new Australian coworking spaces

By Timothy Tay

/ EdgeProp Singapore |

February 5, 2024 9:00 AM SGT

TWP opened its first Australian co-working space at Quay Quarter Tower in 2022. (Picture: TWP)

Join our Telegram channel and follow our Facebook for the latest update.

On Feb 5, Singapore-based co-working operator The Work Project formed a 50:50 joint-venture agreement with Australian real estate group Dexus Place, creating a new entity, The Work Project Sydney.

Upon completion of the joint venture, The Work Project Sydney will manage five new sites under the Dexus Place brand in the CBD areas of Sydney, Melbourne, Brisbane and Perth. The co-working spaces are located at 1 Farrer Place and 1 Margaret in Sydney; 80 Collins Street, Melbourne; 240 St Georges Terrace, Perth; and 1 Eagle Street, Brisbane. Combined, they occupy a total area of 14,000 sq m (about 150,700 sq ft).

According to Junny Lee, founder and CEO of The Work Project, the growth target for the portfolio in Australia is 50,000 sq m (538,200 sq ft) over the next five years.

“The co-working space market has evolved dramatically,” says Lee. “Together with Dexus, we have discovered a collaborative, creative and customer-centric approach to growth. This will further solidify our position as a leading provider of premium flexible workspaces in the Asia Pacific region.”

The JV with Dexus will aim to achieve a growth target of about 538,000 sq ft in our Australian portfolio over the next five years, says Lee. (Picture: Samuel Isaac Chua/The Edge Singapore)

The Work Project debuted in Australia in 2022 when it opened its first premium co-working location at Quay Quarter Tower in Sydney. Its Sydney centre spans 46,285 sq ft across two floors in the 50-storey tower jointly owned by Dexus Wholesale Property Fund, Rest Super, and AMP Capital Wholesale Office Fund.

“In Australia, although the return to office in Sydney was slightly delayed, our location in one of the best buildings in Sydney [Quay Quarter Tower] has given us an edge over our competitors,” says Lee.

The Work Project is majority-owned by Singapore’s CapitaLand, which invested $27 million for a 50% stake in the co-working operator in 2018.

Since it was founded in 2016, The Work Project has expanded to 12 locations across Singapore, Hong Kong and Australia. It has a total of 5,600 corporate members globally. “Our objective is to expand our footprint by 100% within the next five years,” says Lee.

Tags: