Richlisters' $400m 18-month buy-out as iconic surf spot snapped up
Hugely popular beach site The Strand Coolangatta – located opposite the world-renowned surf spots Snapper Rocks and Kirra – is the latest of four deals totalling $400m signed off by investment fund manager Alceon, which invests a whopping $5.3 billion on behalf of richlisters and family firms in Australia.
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It partnered with Aktiv – their second pairing – on the Coolangatta buy-up to the tune of $142m.
The pair have plans to put in a major upgrade to the Gold Coast beach front shopping centre to keep pace with the rapidly luxurious nature of real estate and residents across the area.
The Strand is currently a 30,000sq m mixed-use and lifestyle space with over 200 metres of uninterrupted beach frontage, anchored by Woolworths, Cinebar and Timezone with 20 office tenants and 63 specialty shops drawing both tourists and locals alike.
Alceon also picked up the Smithfield Shopping Centre in regional QLD, 40 Tank Street in Brisbane's CBD, and the Mount Gravatt-based ATO building in the last 18 months in its bid to capitalise on Queensland's robust population and housing price growth.
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The deal brokered by JLL is expected to be completed in August, with JLL head of national retail investments Sam Hatcher saying 'for the first time, FY25 data indicates that Institutional Capital, Syndicates, and private investors each hold approximately 33 per cent of the transaction market share'.
'The sale of The Strand exemplifies the trend of syndicators acquiring well-located shopping centres with strong distribution potential and value-add opportunities, though such properties are becoming scarce as competition intensifies across retail sub-sectors.'
Alceon's Queensland founding partner Todd Pepper was 'pleased to have picked up another prime asset on behalf of family office and high-net-worth investors for our Queensland real estate equity portfolio'.
The firm targets properties with high-quality, stable tenants, and locations with significant foot traffic.
'Queensland in particular offers a highly attractive investment setting for us due to its efficient government and regulatory processes and strong growth prospects,' he said.
'The state has experienced robust population and housing price growth led by a constant period of positive migration' which he said would be supplemented by the upcoming 2032 Brisbane Olympics.
Aktiv managing director Olivier Sicouri said The Strand in Coolangatta was a unique property in an iconic location.
'It presents a rare opportunity to acquire an asset of this scale well below replacement cost in a location like this, particularly given that it is expected to grow and gentrify and faces limited competition risk, due to prohibitively high construction costs.'
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