This article is from the Australian Property Journal archive
BLACKWALL is planning to expand its wholly-owned WOTSO WorkSpace and plans to launch two new syndicates this year.
BlackWall said this financial year-end is the first at which WOTSO’s revenue will be higher than the group’s property and funds business.
Shareholders recently approved a name change to BlackWall Limited, which sits above the two wholly owned operating subsidiaries BlackWall Property Funds and WOTSO Workspace.
WOTSO provides contemporary serviced offices, co-working space, meeting rooms and event space to more than 600 start-ups, SMEs and corporate groups, with four sites in Sydney, two in Canberra, one on the Gold Coast and recent additions in Adelaide and Fortitude Valley in Brisbane.
BlackWall head of property Jess Glew said the fit-out of the Adelaide and Fortitude Valley sites were complete and have WOTSO members working from them.
They were acquired on the BlackWall balance sheet with a view to syndicating them in funds once WOTSO Workspace is established at the sites.
Brown said both properties were expected to be syndicated by the end of the year.
“This will return around $4.5 million in cash to the balance sheet for the WOTSO roll-out. That capital can fund fit-out of up to up to 8,000sqm in expansion of WOTSO expansions,” Glew said.
BlackWall also announced it has recently settled $38 million of transactions, including the purchases of Telstra house and an eight-level building in Dickson, Canberra, and an increase in BWR’s ownership in the Bakehouse Quarter, North Strathfield and the former Fox Sports building at 55 Pyrmont Bridge Rd, Pyrmont, now home to a range of media and technology tenants including Verizon and Digital Pacific.
Australian Property Journal
