Income from Blackwall’s co-working hubs business, including management agreements, rose to $10.2 million, exceeding revenue earned in other parts of the funds management platform.
The WOTSO brand was launched in 2014 and its portfolio has grown to 17 sites covering more than 34,000 square meters. Locally those sites range from Brisbane to Sydney, Canberra, Adelaide and Tasmania.
The operator has even ventured abroad through an agreement with powerful Malaysian developer UEM Sunrise to roll out WOTSO facilities in UEM’s large residential projects.
“We have continued to expand our WOTSO Workspace business to a level where we think it is time for WOTSO to separate from the group and look to expand with an independent and focused management team,” Chairman Seph Glew said as BlackWall lodged its 2019 full-year result.
“WOTSO has an opportunity to grow well beyond the property portfolio controlled by our group and an independent structure will create an opportunity for this potential to be realized.”
While the demerger proposal still awaits shareholder approval and a Tax Office ruling, the process of BlackWall and WOTSO operating as separate companies is already underway.
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