Richlisters’ $400m Acquisition Spree Transforms Iconic Surf Spot
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A major transformation is underway at one of Australia’s most coveted surf destinations, as richlisters spearhead a $400 million acquisition spree over the past 18 months. This strategic buy-up has seen the involvement of influential investors, with the latest acquisition being the iconic The Strand Coolangatta, a beachfront shopping centre located opposite the world-renowned surf spots Snapper Rocks and Kirra.
Investment fund manager Alceon, which manages a substantial $5.3 billion on behalf of wealthy individuals and family firms across Australia, has orchestrated this series of high-profile acquisitions. The Strand Coolangatta, acquired for $142 million, marks the fourth significant deal in this spree, with Alceon partnering with Aktiv for the second time to secure the property.
The Strand Coolangatta is a sprawling 30,000 square metre mixed-use and lifestyle complex boasting over 200 metres of uninterrupted beach frontage. Anchored by major tenants such as Woolworths, Cinebar, and Timezone, the centre also hosts 20 office tenants and 63 specialty shops, drawing both tourists and locals to its vibrant offerings. The acquisition is part of a broader strategy to elevate the centre to match the rapidly evolving luxury landscape of the Gold Coast.
In addition to The Strand, Alceon’s recent acquisitions include the Smithfield Shopping Centre in regional Queensland, 40 Tank Street in Brisbane’s CBD, and the Mount Gravatt-based ATO building. These strategic investments aim to capitalise on Queensland’s robust population growth and surging housing prices, positioning Alceon to benefit from the state’s economic dynamism.
The deal for The Strand, brokered by JLL, is anticipated to conclude in August. JLL’s head of national retail investments, Sam Hatcher, highlighted the significance of the transaction, noting that 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. Hatcher remarked, “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, expressed satisfaction with the acquisition, stating, “We are 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’s investment strategy focuses on properties with high-quality, stable tenants and locations with significant foot traffic, making The Strand an ideal addition to their portfolio.
Pepper further elaborated on the appeal of Queensland as an investment destination, citing its efficient government and regulatory processes and strong growth prospects. “The state has experienced robust population and housing price growth led by a constant period of positive migration,” he noted, adding that the upcoming 2032 Brisbane Olympics is expected to further bolster the region’s economic prospects.
Aktiv’s managing director, Olivier Sicouri, echoed these sentiments, emphasising the unique nature of The Strand in Coolangatta. “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.”
The transformation of The Strand Coolangatta is poised to enhance the area’s appeal, aligning with the broader trend of luxury real estate development along the Gold Coast. As the region continues to attract both domestic and international interest, the strategic investments by Alceon and its partners underscore the confidence in Queensland’s burgeoning property market. With a focus on leveraging the state’s economic strengths and capitalising on its growth trajectory, these acquisitions represent a significant milestone in the evolution of one of Australia’s most iconic surf spots.