Blackwall Limited ASX:BWF A Microcap Property Play Update

5 months ago we highlighted Blackwall Property Funds (VIEW LINK). It looked well funded, undervalued and with its "WOTSO Workspaces" shared office model in early phase development, BWF overall looked interesting. The "WOTSO Workspaces" has plenty of room to grow, in terms of both the offering itself versus conventional offerings and the letting up of existing sites. Revenue from WOTSO sites was $3.8mil in FY16 up 80% on PCP. Management aspirations are to get WOTSO revenue to $10mil within 4 years. In a low growth environment this looks relatively attractive. They have also started to partner with third parties to license the WOTSO model in buildings not currently owned by BWF or its associates. They have also expanded the model internationally with a joint venture in Singapore. With a strong balance sheet and the "WOTSO Workspaces" rollout in its early stages we are happy to remain with the story. The stock traded at a new 52 week high of $0.68 versus when we profiled it 5 months ago at $0.40 but our view is that it's still interesting.