The Australian Financial Review
By Sarah Danckert
25th February, 2014
APARTMENTS: Former Toll Holdings boss Paul Little has snapped up an industrial site in the Melbourne’s Docklands that has a potential to accommodate an apartment project with an end value of $750 million.
Mr Little made the investment through his private development company Little Group, which forked out $18.5m for the site.
Located at 85 Lorimer Street in the Docklands, the 8800sqm site had the potential to carry a project of 1500 apartments, Little Projects managing director Michael Fox said.
Mr Little’s wealth is estimated at just shy of $900m by BRW. Little Group has a development pipeline exceeding $1billion. Last year, Little Projects completed three developments with more than 800 apartments at ILK South Yarra, Halo St Kilda and 101 Bay Street, Port Melbourne. The group is looking to expand into Queensland and Western Australia.
Little Projects has a history of developing industrial sites into residential communities in Melbourne, including the Tip Top bakery site in Brunswick East, the Cussons soap factory in Richmond and the old PMP site in Hawthorn, which now houses a five-storey Bunnings.
Recently, Little Group made a $60.7m cash offer for listed property management Real Estate Corp, which has a rent roll of more than 12,000 properties.
Little Group manages 3000 properties, mainly in Victoria.
Located close to Mirvac’s Yarra Edge project, the site that Little Projects has purchased sits within the Fishermans Bend precinct. The sale was handled by Lemon Baxter’s Paul O’Sullivan.