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Welcome back to The Dirt, Australia’s go-to news brief for Australia’s up-and-coming property and construction players.

Today’s brief:

🏗️ Gosford’s $350M towers cement Central Coast’s rise
📦 PGIM & Cadence drop $145M on freight hub with 1.5km rail link
💸 Tim Gurner takes Saint Haven to Bondi

Here’s what’s moving 👇

🏗 Project Pulse

Luna Park Melbourne Gets $22M Revival Boost
Melbourne’s most iconic amusement park is getting a serious upgrade. The Victorian Government has chipped in $5 million in the 2025–26 Budget to help restore the Luna Palace building in St Kilda — with Luna Park contributing another $17 million of its own. Work is already underway, with the Penny Arcade and dodgem hall set to reopen by November. The upgrade includes expanded event and function space to support year-round revenue.

Luna Park supports 250+ jobs, hosts 800,000 visitors annually, and runs 20 rides — including the 1913-built Great Scenic Railway, one of the world’s oldest coasters still running on its original mechanism: The Urban Developer

Gosford Grows Up
The Central Coast is buzzing. Urban Property Group has committed to a second stage of its $350-million Central Coast Quarter project in Gosford, a twin-tower addition bringing 280 apartments and a 150-room hotel. Nearby, the University of Newcastle is pushing forward with a $80 million student housing tower, and a separate 138-unit residential proposal is also in motion. All three projects are within walking distance of Gosford Station, tying into the state’s broader urban consolidation push: The Urban Developer

🚧 Pipeline Watch

Sydney Fish Market Rezoning = 320 New Apartments
The NSW Government’s rezoning of the Blackwattle Bay precinct (home of the old Sydney Fish Market) is allowing for an extra 320 units on-site. With the new zoning, the entire precinct can now support 1,500 homes, with a minimum of 7.5% permanently affordable. This is tied to a broader mission to open up 10.4ha of underutilised harbour-side land for dense urban living and public green space. With Lendlease, Mirvac, and Stockland shortlisted, this waterfront play is shaping up to be one of Sydney’s landmark regeneration efforts. From prawns to penthouses — welcome to waterfront densification: The Urban Developer

Anzac Station Turns Shrine Precinct into Prime Office Land
The Metro Tunnel is nearly done, and the office market around Anzac Station is heating up. According to JLL, St Kilda Road office rents could jump 8.5% to $450/sqm as foot traffic surges and vacancy rates plummet. Over 19,500sqm has been leased in the area in the last year alone, with 26 nearby buildings now fully occupied. Turns out a train station can resurrect an entire office market: Herald Sun

Armstrong Creek Kicks Off $85M Townhouse Plan
Developer Jinding has begun early works on its 164-townhouse Harriott project in Armstrong Creek, Geelong. The developer credits a February RBA rate cut for boosting buyer demand, with settlements now occurring weekly. This stage will deliver 45 homes first, as part of a broader vision for 628 homes with parklands and wetlands integration. First-home buyers, meet your new suburban frontier: The Urban Developer

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🤝 Deal Flow

MindChamps Signs $665K Lease in Glenroy
CBRE has brokered a major lease with global childcare provider MindChamps at 34 Finchley Avenue, Glenroy. The lease spans 15 years with options, totals $665,000 + GST per annum, and values each childcare spot at $5,500—well above the local average. It’s a sign of growing international appetite for Australia’s high-quality childcare assets, even in off-market, non-main-road sites. When childcare rents $5.5K a kid, you know the market’s grown up: Commo.

Sebel West Perth Sold for $18.88M
HKEX-listed ZACD Group has sold the 64-key Sebel West Perth Aire Apartments to Capital Bay Investment Pty Ltd, with the buyer retaining the Sebel-Accor brand. The asset includes strata-titled units, car bays, and premium amenities in a growth corridor of WA’s capital. JLL says the sale underscores investor confidence in Perth’s recovering hotel market: The Hotel Conversation

Beach Hotel Byron Bay Sells for $140M
Scott Didier (Johns Lyng Group) has taken full control of Byron’s iconic Beach Hotel after buying out co-investors in an MA Financial fund. The property is one of Australia’s most valuable pubs and will now be managed by Coleman Group. Didier says the family plans to hold it “for generations.” We’ll see about that one mate: AFR

PGIM & Cadence snap up $145M freight hub in St Marys
PGIM and Cadence have acquired the 157,669sqm St Marys Intermodal Terminal for $145M from Pacific National. The site includes a 1.5km rail link to Port Botany, nearly 96,000sqm of GLA (Gross Lettable Area), and a 20-year lease to ACFS Port Logistics. With 300,000 containers expected annually and a hardstand expansion underway, it’s a textbook play on infrastructure-backed industrial — long-term tenant, low coverage, high throughput. Freight’s not sexy, but in the industrial game, this is a power move: The Urban Developer

💰 Money Moves

Saint Haven Targets Bondi for Its Next Ultra-Wellness Club
Tim Gurner is bringing his ultra-luxe wellness bunker to Bondi Beach, serving up cryo chambers, IV drips, biohacking pods, and sound therapy for those willing to drop $1,000 a week to feel something. The 1,300sqm “beach club” will sit under AVRA, where penthouses list for $25M and vibes are strictly curated. Only 400 memberships on offer — and Gurner says they’ll go fast. Wellness meets exclusivity, with a six-pack on the side: The Australian

Ampol Lists 13 Development Sites Nationwide
Ampol is offloading a portfolio of 13 undeveloped sites, valued at $20M+, following a review of its station network. The sites span QLD, SA, VIC, WA and NSW — ranging from 1,265sqm to over 3,000sqm, with flexible zoning for housing, fast food, retail or service centres. Cushman & Wakefield says demand for these arterial locations is being fuelled by population growth, last-mile logistics, and retail repositioning: Herald Sun

📜 Policy & Pressure

Hobart Stadium Seeks Planning Shortcut
The $945M Macquarie Point stadium wants to bypass Tasmania’s normal planning system via special legislation. The bill would allow land consolidation, permit granting, and roadworks outside the usual process. Public consultation is open until June 16, amid rising pressure to meet AFL timelines and escalating costs. Basically, If the AFL’s coming, so is the bulldozer: ABC

Tasmania Goes BIG on Roads
The 2025/26 Tasmania Budget puts $400 million toward road infrastructure—43% of all state infrastructure spending. Major allocations include $76.2M for the Bridgewater Bridge and $75M for the Northern Access Road. It’s a clear play to unlock regional growth and enable key urban renewal projects like Macquarie Point: Roads and Infrastructure Magazine

NSW Eyes Plan B After Rosehill Racecourse Flop
Premier Chris Minns confirmed alternate plans are coming after the $5B Rosehill redevelopment failed to gain turf club approval. The project would have delivered 25,000 homes and a metro station. Minns says new inner-city density plays are being prepared and “not everyone will love them.” Get used to a Sydney with new priorities—spelled H-O-U-S-I-N-G: Sydney Morning Herald

🔩 Build Intel

Goodman Bets on AI Warehousing
Goodman Group is all-in on data centres and robot-run warehouses, now dedicating over half its $13.7B workbook to tech-led assets. The developer is locking in global pension capital and prepping multistorey sites across 8 cities. CEO Greg Goodman says “in 10 years, there won’t be anyone in our warehouses”—just robots. Not sure how that’ll land with the crew… hope there’s cake at the next staff meeting: AFR

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🌍 Market Reads

Geelong Leads Migration — and Locks in Energy Security
Geelong has officially overtaken the Sunshine Coast as Australia’s top regional migration destination, pulling in 9.3% of total inflows in Q1 2025, per CBA. Big-ticket infrastructure, lifestyle appeal, and proximity to Melbourne are driving the boom — and now, energy certainty is adding fuel.

The Victorian government just approved Viva Energy’s floating LNG terminal in Corio Bay, expected to supply up to 88% of Victoria’s gas needs. The move shores up confidence in Geelong’s industrial belt and long-term development pipeline, especially for large-scale residential and commercial projects.

Not everyone’s cheering — locals and environmental groups argue it contradicts the state’s electrification goals. But for developers, it’s another vote of confidence in Geelong as Victoria’s next growth engine: CBA, ABC

PwC to Be Fined A$213M in China Over Evergrande
PwC is facing a ¥1 billion (A$213M) fine in China for its role in auditing Evergrande over 14 years without flagging major financial issues. The firm gave clean audit opinions from 2009 to 2020, despite Evergrande later reporting ¥803B in losses. The China Securities Regulatory Commission found Evergrande’s reports fraudulent and used to raise funds under false pretences. PwC earned ¥400M in audit fees during the relationship and resigned only in 2023.

This is one of the biggest audit failures since Enron and Arthur Andersen (linked a great film about it, must watch). For China, it’s a signal: audit firms will no longer be shielded from accountability if they enable corporate misconduct. For PwC globally, it’s a reminder that integrity > fees — especially in fragile markets with systemic risk: Asia Times

That’s a wrap for today.
If you made it this far, you’re already ahead.

Catch you in the dirt,
— Team DIRT

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