Paul Little plans to remain involved in the business over the next four years while the existing portfolio was built and delivered.
Little Projects noted in a statement that the restructure to the business would not affect the ownership and delivery of current projects within its pipeline.
“Little Projects will continue to be a trusted development partner with a strong reputation for reliable project delivery,” Little Projects director Leighton Pyke said.
‘’Moving forward, we will continue to build on development pursuits, with our passion for creating homes and communities with joint venture partnerships opening up greater opportunities for us.’’
The 10 existing projects currently on Little Projects’ books, valued at close to $1 billion, will be excluded from the deal.
Little’s stake in the company will be sold as of January 1, 2019.