Investment manager Alceon has paid $142 million to buy a shopping centre in Coolangatta and will invest an undisclosed further sum over the next five years to reposition The Strand to suit the southern Gold Coast’s increasingly affluent beachfront population.

Alceon, founded in 2010 by Phil Green, Trevor Loewensohn and Morris Symonds, has partnered with retail consultancy Aktiv to acquire the Woolworths-anchored 32,000-square-metre centre with mixed-use retail, office and lifestyle space and 200 metres of beach frontage.