Billionaire Paul Little sells out of Little Projects
Billionaire former Essendon Football Club chairman Paul Little is selling his stake in development company Little Projects.
Little founded the developer in 2006, but is now selling his share as the board plan a push for a more aggressive approach from next year.
In recent years he has also come to fame for establishing a ferry service between Melbourne and Portarlington, which is in the middle of a three-year trial.
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While announcing Little’s departure Little Projects indicated they will be adopting an “aggressive site acquisition strategy” into the new year.
They will seek to purchase a mix of medium-scale residential development sites, as well as looking for opportunities in other areas including industrial, hotel and student accommodation.
“With the executive team in agreement that the next development cycle requires a new vigour and fresh outlook to sustain the great success Little Projects has achieved over the past 12 years,” a statement says.
Little Projects currently has developments underway across Australia, including One Centre Road Brighton and Hedgeley Malvern East.
Paul will continue to maintain a roll as a mentor and adviser for the company, and said in a statement his other Little Group activities would not be affected.
Current Little Projects executives Leighton Pyke and Paris Lechte will take over Little’s share.
“I am very confident that Paris and Leighton will maintain the strong momentum in the Little Projects business,” Little says.
He adds that Little Projects will continue to invest in developments via the Little Group Offices in certain circumstances.
His successors say they will look to further build the company’s reputation.
“Moving forward, we will continue to build on development pursuits, with our passion for creating homes and communities playing out in new ways with joint venture partnerships opening up greater opportunities for us,” Pyke says.
Lechte says the pair have a clear vision to carry on the legacy of the company’s founder with activities in Australia and New Zealand.
“We are incredibly protective of the Little Projects brand and seek to build on its success by focusing on projects with great architectural consideration, a greater emphasis on building sustainable products and communities in sought after locations,” Lechte says.
Little’s stake in the company will be sold as of January 1, 2019.
This article from the Herald Sun originally appeared as “Billionaire former Bombers chairman Paul Little sells stake in Little Projects”.