Little Projects today announces Chairman, Paul Little will sell his portion of the property development business to existing Directors Leighton Pyke and Paris Lechte, who will take over controlling interest in the company effective 1 January 2019.
The decision comes as Little Projects seeks to implement a site acquisition strategy with a focus on growing a diverse pipeline across medium scale residential, industrial, hotel and student accommodation sectors.
Critical to this success will be the leadership of Paris and Leighton, who have both worked alongside Paul at executive level and on the board of Little Projects, delivering multiple award winning residential and commercial buildings within Australia and New Zealand during the last decade.
‘’It’s an honour and a great opportunity to acquire ownership of Little Projects, a highly respected business that has achieved strong success over the past twelve years,’’ said Paris Lechte.
‘’Both Leighton and I have a clear vision to carry on Paul’s legacy of award-winning, quality developments across Australia and New Zealand,’’ said Mr Lechte.
Paul will remain an advisor to Little Projects and will continue to invest in new projects that meet the group’s overall objectives.
The restructure in the business will not affect the ownership and delivery of the current project pipeline in any way.
“Little Projects will continue to be a trusted development partner with a strong reputation for reliable project delivery,” said Leighton Pyke.
‘’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,’’ said Pyke.
Leighton also commented, ‘’the strong synergistical fit of Little Projects and Little Real Estate will continue to deliver a seamless solution for our customers.’’
Paul commented, ‘’I am very confident that Paris and Leighton will maintain the strong momentum in the Little Projects business.’’
He confirmed that the Little Group Offices would still be keen to invest in the property development sector via Little Projects where strategic benchmarks were met.
Paul also confirmed that other activities within the expanding Little Group would be unaffected by today’s announcement.