Construction boss Richard Crookes expands Palm Beach holding

Construction boss Richard Crookes and wife Lynn have expanded their Palm Beach weekender holding.

They've paid $6 million for a four bedroom home on a 880 square metre Ocean Road dress circle corner, neighbouring their 1000 square metre Palm Beach Road holding that cost $4.4 million in 2007.

The couple have just listed the new acquisition in the holiday resort suburb's rental pool, asking $1,500 a week through LJ Hooker Palm Beach, which would reflect a 1.5% yield, so they appear likely to have redevelopment in mind, along with view preservation.

LJ Hooker Palm Beach agent David Edwards had the listing of the single storey brick offering.

Richard founded Richard Crookes Constructions in 1976, one of Australia's largest and most successful private construction companies.

This article first appeared in The Daily Telegraph.