Paul Little, Jane Hansen list retail portfolio
Paul Little has listed four small retail investments – three in complexes created by the development company he formed but sold out of in late 2018.
The ex-Toll boss and Essendon Football Club president, with his wife, Jane Hansen, ex-Credit Suisse and Macquarie executive, also major philanthropists, can expect over $6 million, sources say, from the portfolio being marketed as the Metro Selection.
Three properties are leased; these will be auctioned separately in the first week of September.
A vacant shop in South Yarra, meanwhile, is for sale via a deadline private treaty also concluding next month.
Mr Little sold Little Projects to former executives Leighton Pyke and Paris Lechte.
Former business partner Michael Fox, meanwhile, went on to form CostaFox with Geno Hubay – though that partnership ended last November, with Mr Hubay establishing Monno.
Metro Selection
Little Real Estate’s Jeffrey Wilson with Gorman Allard Shelton’s Joe Walton and D’Andra Rao are marketing the properties.
The first to be auctioned, a 153 square metre red brick at 103 Bay Street, Port Melbourne, is leased to residential real estate agency Buxton.
Assuming a five per cent yield, this could fetch close to $1.3m.
With option the tenant can stay 2036 – 10 years after the current lease expiry.
Little Projects with Pomeroy Pacific replaced land behind 103 Bay St building with two apartment towers and 256 units, in 2013 (story continues below).
Tip Top investments
In Brunswick East, meanwhile, a 192 sqm tenancy, 179 Weston St, is expected to sell for c$1.5m assuming a five per cent return.
Leased to chicken shop Bird until 2025, or a decade after that with options, the asset includes three car parks.
The property forms part of Little Projects’ redevelopment of the Tip Top factory nine years ago.
Also being auctioned next month is a single level store at 454 Bridge Rd, on the south west corner of Burnley, in Richmond.
Containing 269 sqm, it is tenanted to Industrie which pays annual rent of $113,972.
The retailer has no lease renewal options beyond 2028 giving the 278 sqm Commercial 1 zoned holding development upside.
Price expectations are c$2.5m assuming a c4.5pc return.
The final asset being offered is a vacant strata – 170 sqm over a ground and mezzanine floor – in South Yarra’s Central development.
With the potential to be used as office or retail, this asset is expected to trade for over $1m.
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