South Stradbroke Island resort Couran Cove sold to EDG Capital in $17 million deal

A long-troubled Gold Coast resort which was built at a cost of $280 million more than 20 years ago has been sold for far less.

Couran Cove Island Resort. Picture: Richard Gosling

THE long-troubled Couran Cove Island Resort, built at a cost of $280 million more than 20 years ago, has been sold in a $17 million-plus deal.

EDG Capital, a boutique Sydney property and investment group, says it has ‘a vibrant plan’ to upgrade and further develop the South Stradbroke Island property.

It has bought control of it from Onterran, a Brisbane company which has been suspended from the ASX for more than two years.

Couran Cove on South Stradbroke Island. Photo: Steve Holland

BOATIES EMPTY SEWAGE TANKS ON COURAN COVE BEACH

The deal takes in all the resort’s infrastructure, including restaurant and other buildings, 200 serviced lots, lagoon-front villa land, and a parcel on the point at the entrance to the resort.

It also includes leasehold land that is home to a surf club and the new Sunset Beach bar.

EDG Capital, which is yet to settle the Couran Cove deal, has undertaken property projects worth more than $1 billion in the past eight years.

Couran Cove. Photo: Steve Holland

ARE HARD TIMES OVER FOR COURAN COVE?

Chairman Graeme Webb yesterday said that the private company saw the resort as a remarkable place.

“It is a place of fun, relaxation and wellness like no other I have seen in Australia.”

Mr Webb said EDG was well advanced with an overall plan for the resort.

Couran Cove was built by US billionaire philanthropist Chuck Feeny and sold by receivers in 2012 to Brisbane businessman Craig Dowling.

He exited in 2015 after a turbulent time with management staff and with resort bodies corporates.

SUBSCRIBE TO THE GOLD COAST BULLETIN — JUST $1 FOR THE FIRST 28 DAYS