Self-managed super funds key to OpenCorp’s growth
Young rich lister Allister Lewison plans to double the size of his crowd-funding-based investment advisory and property development business OpenCorp over the next two years, underpinned by self-managed super funds growing their investments in syndicated development projects.
In the past financial year, Mr Lewison almost doubled his fortune with $42 million in assets, up from $25m the previous year, which placed him 64th on the 2016 BRW Young Rich List.
OpenCorp, which uses a crowd-funding model to help fund developments, now has $500m worth of apartment, residential land subdivision and townhouse projects underway across Melbourne, Brisbane and Perth.
“In two years ahead, it will probably double. Demand is growing as more people become aware of what we offer,” Mr Lewison said. “At the moment there is pressure on us to find the next project — but we need to find the right one.”
The group’s most recent acquisition is a 168-lot subdivision site at Greenvale, north of the Melbourne CBD, adjacent to another OpenCorp development known as Umbra.
Over its 10-year history, OpenCorp’s returns have been over 20 per cent. Self-managed super funds are growing their investments in crowd-funded and syndicated development projects and Mr Lewison said they were an increasing part of OpenCorp’s clientele. Its other backers include high net worths and family offices.
“SMSFs are becoming more and more popular and is very much a growing sector in our client base. People are looking for non-traditional places to invest their money and we fit the mould there for them,” he said.
“With recent changes, people are realising they need to take ownership of their retirement. And as the costs have come down, we are seeing more people in their 30s look at this.”
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Source: Self-managed super funds key to OpenCorp’s growth: Lewison – The Australian