THE Tweed Mall, one of the biggest shopping centres in the region, has been sold to a Sydney-based investment company for the sum of $81.25 million.

Current owners, retail property group Vicinity Centres, announced the sale to Elanor Investors Group yesterday, with the transaction expected to settle on or around October 31.

The sale forms part of a wider divestment program by Vicinity, which told the Australian Stock Exchange yesterday it had now raised $1.3 billion through the sale of 11 shopping centres.

Overlooking the picturesque Jack Evans Boat Harbour, Tweed Mall is located in a prime location at the intersection of Wharf and Bay streets, just metres from the busy tourist strip at Coolangatta on the Queensland border.

It is currently anchored by super stores Target, Woolworths and Coles, and was given a book value of $70 million as at June 30, 2016.

Elanor Investors Group Head of Real Estate Michael Baliva said the company was excited about its new acquisition, promising a more hands-on approach to its management.

"The Tweed Mall is a style of asset that we like, but it will need some active management,” Mr Baliva said.

"We are looking forward to working with the community to find out what they would like to see there and work to deliver a centre they can continue to be proud of.”

Despite a redevelopment at the centre in 2011 under the former Centro regime, the centre has lost traction in recent years, as redevelopments at nearby Tweed City and The Strand shopping centres compete for market share.

"That for us is the opportunity,” Mr Baliva said.

"We will be much more hands on, much more active in managing the centre and hopefully we will reposition the centre so it is more relevant to the community and the changing demographic of the population.”

Mr Baliva said while there were no definitive plans, he would not rule out the potential of a residential component on the site in the future.

"The planning allows for (residential development),” he told the Tweed Daily News.

"Certainly the council rezoned the property to allow that to happen, so it is something we will consider.”

Mr Baliva, whose investment company owns several shopping centres in Sydney and elsewhere and has significant interests in the hotel and tourism industries, said the ongoing gentrification of the Tweed Heads area was another important factor in the centre's appeal.

"(Gentrification) is important to us,” he said.

"We won't necessarily be able to drive or control what happens there but it is something we are obviously interested in. It seems there might be a bit of a change over time so we need to be making sure what we are offering to the community is relevant to the changing demographic.”

However, Mr Baliva said changes would be made incrementally over the next few years, with no dramatic changes immediately planned.