Rich Lister and former Toll Group boss Paul Little has announced he will sell his portion of his property development business Little Projects to directors Leighton Pyke and Paris Lechte.
The former Essendon Football Club chairman sold his controlling stake for an undisclosed sum, but will continue to maintain an advisory role for the company he founded in 2006, shifting his real estate responsibilities from developer to an investor.
Pyke and Lechte, both longtime colleagues of Little, have worked at executive level and on the board of Little Projects over a 10-year period.
The company now plans to gradually expand into industrial, hotel and student accommodation.
Paul Little plans to remain involved in the business over the next four years while the existing portfolio is 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.