Coworking Space Business Plan Johannesburg South Africa

Investor-grade three-centre coworking business plan: 755 desks, R73.4m FY2031 revenue and a 19.3% EBITDA margin, built on committed occupancy.

Rosebank Workspace Company — desk capacity by year with occupancy marked, showing the capacity steps

Business Plan & Investment Proposal · South Africa

Coworking Space Business Plan — Johannesburg

Rosebank Workspace Company (Pty) Ltd · Long Leases Signed First. Short Desks Sold After.

A three-centre flexible workspace platform in Johannesburg’s strongest office nodes
— hot desks, dedicated desks, private offices and meeting space, scaling from 289 desks to 755 across staged
centre openings. Average occupancy builds from 42 to 84 per cent, taking revenue to R73.4 million and
EBITDA to R14.2 million at a 19.3 per cent margin by FY2031.

755Desks at FY2031

84%FY2031 occupancy

R73.4mFY2031 revenue

19.3%FY2031 EBITDA margin

Every coworking business is the same trade: sign a long fixed lease, then sell short
flexible desks against it. The lease does not flex when occupancy does, and that mismatch is where operators in this
sector have historically failed. This plan names the problem in its own opening line — built on committed
occupancy rather than speculative growth — and then does something more unusual in the numbers. Look at
FY2030: EBITDA falls from R6.9 million to R6.4 million and margin from 14.7 to 10.3 per cent,
because the third centre’s lease and fit-out land before its desks are full. Occupancy drops from 83 to
74 per cent in the same year. Most plans would smooth a step like that into a rising line; this one reports it,
and then shows the recovery to 84 per cent and a 19.3 per cent margin by FY2031.

The mismatch at the centre of it

What the operator commits to, against what the member commits to.

The leaseLong, fixed and signed firstA centre commits to years of rent and a fit-out before a single desk is sold. That obligation does not flex when occupancy does.

against

The deskShort, flexible and sold laterMembers commit by the month. The whole business sits in that mismatch, which is why the plan calls itself built on committed occupancy rather than speculative growth.

Key measures

Six measures that determine whether this platform and its funding stand up.

Committed occupancyThe stated basis of the planIts own opening line: built on committed occupancy rather than speculative growth. A coworking operator signs long leases and sells short ones.

42% → 84%Average occupancyRising overall, but not smoothly. It falls back in FY2030 when the third centre opens, and the plan shows that rather than smoothing it.

289 → 755Desks at year endThree centres opening in steps. Capacity arrives in a block; demand fills it over roughly two years.

FY2030The year EBITDA goes backwardsR6.9m falls to R6.4m as the third centre's lease and fit-out land before its desks are full. Margin drops from 14.7% to 10.3%.

R73.4mFY2031 revenueAt a 19.3% EBITDA margin, once the third centre reaches 84% occupancy.

FY2029First profit after taxR1.8m, after cumulative losses of R17.2m across the first two years.

Revenue and earnings

Revenue and EBITDA on the base case. Occupancy and the desk rate are the two assumptions
that matter most, and both are stressed in Section 22.

Revenue build — desks available and how full they are

FY2027R8.4m · 289 desks · 42% full
FY2028R31.0m · 533 · 67%
FY2029R47.2m · 533 · 83%
FY2030R61.7m · 755 · 74%
FY2031R73.4m · 755 · 84%

Capacity steps in FY2028 and FY2030 as centres open, and occupancy has to catch up each time. Revenue still rises because the added desks fill within about two years.

EBITDA and margin, FY2029 onward

FY2029R6.9m · 14.7%
FY2030R6.4m · 10.3% · third centre opens
FY2031R14.2m · 19.3%

FY2027 and FY2028 run EBITDA deficits of R7.1m and R1.8m. Note FY2030: EBITDA falls from R6.9m to R6.4m as the third centre opens. The plan reports that dip rather than smoothing it.

How to read this plan

The business is a duration mismatch

Long fixed leases are signed before short flexible desks are sold. That gap is where coworking operators fail, and this plan names it by committing to occupancy before growth.

The plan shows the year it goes backwards

EBITDA falls from R6.9m to R6.4m in FY2030 and margin from 14.7% to 10.3%, because the third centre's lease and fit-out arrive before its desks fill. Reporting that dip rather than smoothing it is worth noting.

Capacity steps; occupancy catches up

Desks move 289 to 533 to 755 in blocks. Occupancy climbs to 83%, drops to 74% on the step, then recovers to 84% — roughly a two-year fill cycle per centre.

Two funded loss years first

Cumulative losses of R17.2m across FY2027 and FY2028 before profit after tax turns positive at R1.8m in FY2029.

Node selection does the work

Johannesburg's office market has bifurcated, and the plan places all three centres in the strongest nodes rather than chasing cheap secondary stock.

Selected exhibits

EBITDA and closing cash across the four scenarios

Sensitivity of FY2031 EBITDA to individual variables

Break-even analysis at the FY2031 cost structure

Rosebank flagship: stabilised monthly centre economics

Twenty-five sections and four appendices.

Appendices

Strictly confidential. This document is delivered in confidence to the named
recipient and may not be reproduced or circulated, in whole or in part, without prior written consent.