Should newborn sleep in a cot together with both parents in the master bedroom? Or should the newborn be put in a cot in a separate common bedroom with both parents rotated to look after the baby?

If you have space and if baby has a room of her own. I suggest you to allow baby to sleep in her own cot/room. This is familiarise her from young, and it is indeed easier to start from young rather then an older age. Many times we often say, it's okay. But on the long run we need to know the pro and cons. With h that said, it is still up to an individual preference. Most importantly, both mummy and daddy should be agreeable of the decision made :)