BlackWall boosted by WOTSO space

WOTSO offices at 55 Pyrmont Bridge Road, formerly the Fox Sports building. Photo: suppliedProperty group BlackWall has capped off another strong financial year, boosted by its office share business WOTSO. The company reported a 38 per cent increase in operating revenue and lifting its full-year dividend by 17 per cent to 3.5¢, fully franked. Net profit after tax was $2.9 million.

BlackWall chief executive Stuart Brown said the company’s operations were split into three complementary segments. WOTSO WorkSpace, the collaborative workspace and serviced office business, was the engine, generating revenue of $3.4 million – up 80 per cent on 2015. Property services and funds management under BlackWall Property Funds lifted revenue 19 per cent to about $5 million, and investment activities helped grow BWF’s net tangible assets by 9 per cent to $18.7 million. Chifley expands.

Non-bank finance group Chifley Securities has posted record levels of lending for the 2015-16 financial year, lending more than $600 million to a range of investors, builders and property developers across Australia. Chifley Securities’ director Joe Morello said the 20-month-old group has $230 million in loans to projects in progress, with loans ranging from $1 million to $50 million in first mortgages, mezzanine, bridging and construction finance. Now with $1.1 billion worth of loan funding available, Chifley Securities is finding strong demand from commercial and residential property developers who do not fulfil the major banks’ new, tighter requirements of pre-sales and added security.

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