Property Development

Billionaire former Bombers chairman Paul Little sells stake in Little Projects

Written by The ReReport

Ferry trial

Billionaire Paul Little is also known as a chairman of Essendon Football Club and for setting up a Melbourne-Port Arlington ferry. Picture: Alison Wynd

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.

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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.

Hedgeley Malvern East

The high-end Hedgeley Malvern East development by Little Projects is among their better known in Melbourne.

While announcing Little’s departure Little Projects indicated they would 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 20 years,” a statement said.

Little Projects currently has developments underway across Australia, including One Centre Road Brighton and Hedgeley Malvern East.

Hedgeley Malvern East

Developments such as the Hedgeley Malvern East are among those handled by Little Projects.

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 said.

He added that Little Projects would continue to invest in developments via the Little Group Offices in certain circumstances.

His successors said they would 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,” Mr Pyke said.

N48co425 a1 Tip Top redevelopment in Brunswick East

Little Projects also developed the Tip Top project in Brunswick East.

Mr Lechte said the pair had 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,” Mr Lechte said.

Little’s stake in the company will be sold as of January 1, 2019.

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