Markie, I cannot see that happening within the current corporate...

Markie, I cannot see that happening within the current corporate shell. Just too many years of residential blocks to sell off and Gasometer is but 1/3rd to 1/2 completed...plus we have The Milton coming out of the ground with profits to be booked in FY15 and The Hudson (yet to get the go-ahead but likely to book profits in FY16).

In FY14 we can look forward to profits generated by residential block sales (Saltwater Coast, Rochedale and Sunshine Coast), settlement of The Luxe at Woolloomooloo, and the balance of Aerial (around 20 units by my reckoning). Hopefully we can also sell the last asset in the trusts and maybe, the Gasometer now nearing completion.

The easiest thing is to spin the retirement assets as they flagged late last year and retain the construction/development assets within FKP.