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Nic Culnane

by | Nov 10, 2025

Nic Culnane

Development Director

 Nic joins Formus Property as a Project Director with 30 years of major project experience working for publicly listed fortune 500 companies, privately owned companies and state government entities in Australia, Singapore, and England.  Nic has held senior executive and senior management positions where he has specialised in delivering complex development, building and infrastructure projects across various industries with project values scaling up to A$1.7bn AUD.

Nic’s drive enabled state government entities to unlock challenges to deliver public infrastructure projects in urban renewal precincts, over and around heavy and light rail including residential apartments, commercial office, primary and secondary schools, health and wellbeing centres and multi-jurisdictional courts.  Whilst in the private sector, Nic has managed design, tender and contract administration of civil infrastructure, residential, commercial, refurbishments and upgrades to pharmaceutical, residential, and commercial facilities around the world.

Having worked for principal contractors, consultants, developers, and state government, Nic understands the key challenges, opportunities, motivations, and value drivers in the creation of and delivery of assets.  Being solutions focused, he draws upon his extensive experience managing design, procurement, delivery, commissioning, and settlement processes to mitigate project delivery risk and maximise development returns.

Nic’s charitable values have drawn him to preside over, provide services to and to volunteer for not-for-profits.

Nic’s depth of experience and proven track record in successfully delivering complex projects make him an invaluable member of the Formus team, consistently driving excellence and innovation in all his endeavours.

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James O'Neill

Director and Co – Founder of EDI

James O’Neill is an Executive Director and Co-Founder of Formus EDI, leading the delivery of innovative and sustainable solutions across the Digital, Industrial, and energy property sectors.

With over 19 years’ experience in the property industry, James has led Digital, Industrial and infrastructure-driven projects spanning site acquisition, development, planning, portfolio optimisation, and high-value commercial negotiations. His background in geology and utilities experience provides a strong technical and environmental foundation, informing strategic decision-making across highly serviced and infrastructure-led assets.

Most recently, James led Transgrid and Lumea’s non-network land and development strategy, overseeing a major Expression of Interest process to unlock value across land assets aligned with high-voltage transmission infrastructure. He also developed Lumea’s Load Growth Strategy, identifying optimal locations for future data centre connections to the transmission network in NSW and the ACT.

James is focused on delivering long-term value creation through considered strategy, technical insight, and outcomes that positively contribute to the communities in which he works.

Adam Larter

Capital Transactions

In 2025, Adam Larter joined Formus Property to lead Capital Transactions across our expanding portfolio of projects and landowner partnerships.

Adam brings extensive experience across residential and commercial real estate, both in Australia and internationally, with deep capability in acquisitions, feasibility modelling, market analysis, investment strategy, cashflow management and due diligence. His background across multiple asset classes enables him to assess opportunities with commercial rigour and long-term clarity — ensuring decisions deliver lasting value for partners and communities.

Prior to joining Formus, Adam worked within the acquisitions team of one of Australia’s leading Build-to-Rent and Build-to-Sell developers, where he played a key role in securing transactions totalling $240 million. This experience strengthened his ability to navigate complex deal structures and support commercially sound development pathways.

Adam’s approach aligns strongly with Formus’ foundations of partnership, purpose and trust. His focus on integrity, clarity, and long-term value creation will play a key role as Formus continues to deliver resilient, community-focused outcomes that leave a lasting legacy.

Adam Lucas

Co-Founder & Executive Director

Adam Lucas has over 20 years' experience leading major property developments across Sydney, with a combined value exceeding $6 billion. 

He has delivered landmark regeneration projects including Woolooware Bay, Darling Square and One Sydney Harbour at Barangaroo South where he led the $4bn + residential program designed by Renzo Piano. 

Adam partnered with Ben Fairfax in 2009, playing a key role in the $950m Woolooware Bay Town Centre. In 2021, they co-founded Formus Property, where Adam continues to drive complex, integrated projects with a focus on innovation, responsibility, and long-term value. 

Ben Fairfax

Managing Director

Ben Fairfax brings over 35 years in property development across residential, mixed-use, commercial and master-planned town centres. 

He has extensive expertise in acquisition, planning, structuring, design, delivery and sales, and is recognised for building strong partnerships with institutions, clubs and community groups. 

Ben has delivered a $2bn pipeline of projects with partners including Cronulla Sutherland Leagues, Kogarah RSL and Bondi Junction RSL. Since co-founding Formus in 2021 with Adam Lucas, Ben has continued to lead transformational projects guided by values of transparency, partnership, innovation, responsibility and genuine community impact. 

Cassie Staples

Assistant Development Manager

Assisting in establishing project briefs and strategies, timelines, market analysis, proposals and submissions, Cassie provides reliable and ongoing support in achieving project objectives.

Cassie first worked with the Founders of Formus property on the Woolooware Bay Town Centre project. On this project Cassie was heavily involved in the sales and marketing function, delivering outstanding results, selling out entire stages of apartments in a matter of hours. Cassie also went on to be a critical part of the community engagement process, dealing with the many and varied stakeholders of the project, delivering a cohesive and integrated community.

Cassie went on from her position on Woolooware Bay to enjoy a celebrated career as a professional athlete, representing Australia in the Women’s Rugby 7’s team. This level of commitment and focus now flows into her work at Formus Property.

Working closely with the executive team, Cassie’s role continues to expand, proving her to be an integral part of the future of Formus.

Matt Groat

Assistant Development Manager

Matt brings over seven years of experience across multiple disciplines within the property development industry. His career has spanned capital transactions, sales and marketing, customer relations, and construction management, giving him a well-rounded and strategic approach to complex developments.

He has played a key role in delivering major projects including Lennox Parramatta, Bondi Junction RSL, and the Ashbourne Moss Vale master planned land subdivision. Most recently, he was instrumental in the successful execution of Woolooware Bay Stage 4, a landmark mixed-use precinct featuring a 71-key hotel, 13 commercial offices, an 18,000sqm shopping centre, and 245 luxury apartments.

At Woolooware Bay – Bay Central, Matt closely managed relationships with key stakeholders such as Quest Apartment Hotels, Cronulla Sutherland Leagues Club, and major tenants including Woolworths, Aldi, Dan Murphy’s, and Panetta Mercato.

Beginning his career at Capital Bluestone, Matt established a strong foundation of key core values that continue to guide his work. He later expanded his expertise at Novm, developing advanced skills in project funding models and on-site delivery management.

At Formus Property, Matt applies this diverse experience to drive value, foster strategic partnerships, and deliver high-quality developments that serve both communities and investors.

Lily Pittard

Senior Development Manager

With over 7 years of experience in the property development industry, Lily Pittard has established herself as a highly motivated and organised professional with a strong track record of delivering complex projects across various sectors. Having recently relocated from Western Australia to Sydney, Lily has been pivotal in managing and delivering award-winning developments across Perth.

During her tenure at Hesperia Property, Lily led key projects such as the Murdoch Square Health and Knowledge Precinct and the Leederville ABN Office, where her role as Development Manager involved overseeing the planning, design, and delivery phases. She played a critical role in managing stakeholder relationships, ensuring compliance with Greenstar accreditation, and steering projects through crucial milestones, all while maintaining budgets and driving the projects to successful completion. 

Lily's expertise extends across sectors including commercial, industrial, residential, retail, and hospitality. Her ability to manage project funding models, risk mitigation, and complex stakeholder engagement has been instrumental in her success. Her leadership on projects like the Courtyard by Marriott at Murdoch Square and the Electric Lane development in Leederville has earned her recognition within the industry, including several prestigious project awards.

Beyond her project management skills, Lily has also chaired the Hesperia Philanthropy Committee, where she managed events and collaborations with non-profits, showcasing her dedication to corporate social responsibility.

Lily holds a Bachelor of Business with a major in Marketing from Swinburne University and has completed professional development courses in advanced communication, negotiation skills, and performance management.

Rhys Jack

Project Manager

Rhys is an accomplished project and development manager with over a decade of experience delivering complex, high-value projects across education, hospitality, retail, commercial, and residential sectors. With a degrees in Construction Management (UON) and Business Administration (Macquarie), he combines strategic commercial insight with on-the-ground construction expertise.

Prior to joining Formus, Rhys led master-planned community developments at Walker Corporation delivering their pipeline of developments across NSW as well as managing a diverse portfolio of projects at Asentia, ranging from aged care and hospitality to education and retail fit outs. 

His strength lies in his ability to work proactively, identify and communicate project risk, and ensure the quality, budget, and programme of projects remains on schedule.

Rhys is also a former Rugby League player and Brazilian Jiu-Jitsu black belt. He currently coaches contact sports athletes and has worked with professional teams including the Sydney Roosters, NSW Waratahs and North Sydney Bears.

David Read

Design Manager

David brings over 20 years of international architecture and design management experience between Australia the UK and Dubai through pre and post-contract stages across a range of building and construction types from small boutique to large mega-scale multi-phase Residential, Commercial, Hotel and Retail mixed-use developments.

Internationally David has been the lead design consultant on a range of projects including the Al Ain 25,000m2 football stadium and surrounding 1000 key mixed-use development in the UAE + various healthcare, education and sustainable IT start-up facilities in the UK.

More recent local project design management roles include a 35,000m2 Residential, Hotel, Retail mixed-use development in Hurstville + a 28,000m2 commercial mixed-use development in at Norwest Business Park at Bella Vista.

As a highly pragmatic and collaborative operator, David is motivated by a focus on efficiency in design and construction with a view to working with design & engineering consultants and contractors to deliver considered products into the market for maximised revenue.

Tom Zdun

Development Director

Tom joins Formus as a Development Director in 2025, bringing over 20 years of experience in acquisition and project delivery across a diverse range of sectors. His expertise spans mixed-use residential developments—including private, social, and affordable housing—as well as commercial, retirement, healthcare, and residential subdivisions.

Throughout his career, Tom has played a pivotal role in expanding the development portfolios of both ASX-listed and privately held companies. He has deep experience in structuring complex joint ventures with not-for-profit organizations, the NSW Government, and private landowners. In addition to structuring and administering complex joint venture transactions, Tom has delivered multiple mixed-use developments from inception to completion across the Eastern seaboard including a 35-storey high density residential and hotel tower in Melbourne CBD, a 310-unit retirement village in South West Sydney and two major private hospital developments in NSW.  

Most recently, Tom led the NSW delivery division of a privately owned development firm, where he oversaw a successful partnership with the NSW Government across five projects, as well as collaborations with not-for-profit organisations and private landowners.        

In addition to his professional role, Tom has served as a Director of Kogarah RSL since 2019. He was appointed following the successful delivery of a landmark mixed-use development comprising a new 2,000 sqm club, commercial tenancy, and 220 residential apartments. His strong background in finance and property development, combined with commercial acumen and financial discipline, has significantly contributed to the RSL’s long-term success and sustainability.

Nic Culnane

Development Director

 Nic joins Formus Property as a Project Director with 30 years of major project experience working for publicly listed fortune 500 companies, privately owned companies and state government entities in Australia, Singapore, and England.  Nic has held senior executive and senior management positions where he has specialised in delivering complex development, building and infrastructure projects across various industries with project values scaling up to A$1.7bn AUD.

Nic’s drive enabled state government entities to unlock challenges to deliver public infrastructure projects in urban renewal precincts, over and around heavy and light rail including residential apartments, commercial office, primary and secondary schools, health and wellbeing centres and multi-jurisdictional courts.  Whilst in the private sector, Nic has managed design, tender and contract administration of civil infrastructure, residential, commercial, refurbishments and upgrades to pharmaceutical, residential, and commercial facilities around the world.

Having worked for principal contractors, consultants, developers, and state government, Nic understands the key challenges, opportunities, motivations, and value drivers in the creation of and delivery of assets.  Being solutions focused, he draws upon his extensive experience managing design, procurement, delivery, commissioning, and settlement processes to mitigate project delivery risk and maximise development returns.

Nic’s charitable values have drawn him to preside over, provide services to and to volunteer for not-for-profits.

Nic’s depth of experience and proven track record in successfully delivering complex projects make him an invaluable member of the Formus team, consistently driving excellence and innovation in all his endeavours.

Amy Gibb

Financial Controller

Amy joined Formus in October 2023 and brings a wealth of knowledge, using forecasts and strategic modelling to help the company achieve its financial goals. She oversees several operational functions and heads the strategic planning process. Amy works with the executive team at Formus to provide insights and advice that drive the company’s high performance.

Amy has over 20 years accounting experience specialising in small to medium sized enterprises, privately held companies and high net worth individuals. Prior to joining Formus, Amy worked in public practice at Deloitte as a Forensic Accountant then as a Finance Specialist at Insurance Australia Group.

Amy holds a Bachelor of Commerce (Professional Accounting) from Macquarie University and is a member of Certified Practicing Accountants. Amy’s depth of experience and strategic acumen make her an invaluable member of the Formus team, consistently driving the company towards achieving its financial and operational goals.