The Gurner Group is ending the year with a bang, not a whimper, revealing the man once dubbed Australia’s highest-paid public servant had joined its ranks—as well as plans for a 54-storey build-to-rent tower.
Founder and chairman Tim Gurner said former Australia Post chief executive Ahmed Fahour would join the group from next year.
Fahour is currently chief executive and managing director of Latitude Financial Services.
His previous roles include NAB chief executive Australia and he has held directorships of Nasdaq Dubai and Rip Curl.
During his tenure at Australia Post, Fahour was labelled “Australia's highest-paid public servant”, receiving a total salary package of $5.6 million (including a $1.2 million bonus) in 2016.
Terms of the deal to bring Fahour onboard have not been disclosed, but a press release from the company said, “it is believed that in addition to running the group of companies alongside founder Tim Gurner, Fahour will be making a minority investment in the fast-growing property, lifestyle and funds management platform”.
“With Fahour appointed as group CEO … Gurner will be focusing on the group’s future direction around its core business of wellness, hospitality, design, property management, funds management, build-to-sell (BtS) and build-to-rent (BtR) property development.”
On the subject of the latter, Gurner announced that along with investment manager partner Qualitas, it had entered into a joint venture with Malaysian developer OSK Property.
The trio will develop and operate a build-to-rent skyscraper in the $2.8-billion Melbourne Square precinct at Southbank under the GQ Build-to-Rent platform.
The publicly listed OSK Group, founded more than five decades ago, will retain an ownership stake in the 54-storey tower alongside GQ, who will develop, manage and operate the tower.
The tower designed by Cox Architecture will deliver around 500 apartments plus communal amenities.
It would boast an environmentally sustainable design including 5-Star Green Star certification, an inset energy network and a net-zero energy emissions outcome, the company said
“With low cost, 100 per cent renewable energy available, the all-electric building will be carbon neutral in operation,” it said.
In keeping with other Gurner-led developments, it will have a “focus on world-class resident facilities, health and wellness amenities, and a range of apartment options that will appeal to a diverse mix of residents”, according to the developer.
Melbourne Square comprises five towers, a 3745sq m public park, full-line Woolworths, childcare and retail.
This year has been a busy one for Gurner. Last month it launched a billion-dollar Adelaide play, filing plans with joint-venture partner Kennards Self Storage to redevelop the former Australia Post site in the centre of the city.
The documents before the South Australia’s State Commission Assessment Panel call for five towers up to 27 storeys, with 600 apartments, a luxury hotel, offices, shops, bars, restaurants, a public plaza and wellness centre.
The developer said that in 2023, despite industry headwinds, the Gurner Group had announced more than $300-million worth of land acquisitions across its build-to-rent and build-to-sell platforms, which added a further $1.9 billion of total project value to its pipeline.
The private developer has projects in Brisbane, Sydney, Melbourne, Perth and on the Gold Coast.
