Couran Cove sells to newly formed company
The multi-million dollar Couran Cove Resort on the Gold Coast’s South Stradbroke Island has been sold to Couran Cove Holdings, a company that was only registered last month.
Brisbane businessman Craig Dowling is a director of Couran Cove Holdings and is also a director of Indian-owned company Adani Mining.
Couran Cove was developed at a cost of $150 million by US billionaire Chuck Feeney through his company InterPacific Resorts (Australia) with 358 accommodation units on a 151ha site. It is believed that Mr Freeny spent more than $300 million keeping Couran Cove afloat since it opened in June 1998. It closed in June last year after recording a loss of $85.9 million. The sale price to Couran Cove Holdings is believed by property experts to be less than $10 million.
Couran Cove Holdings is expected to take over the resort before the end of the year and it is rumoured that it will be rebranded.
The resort has hotel suites, villas, cabins and marine lodges plus two restaurants, conference facilities, gyms, pool, surf club, jetties and 102 marina berths. It also has approval in place for a further 212 units and a yacht club.
David Devine’s Metro Property Development had a conditional contract to buy Couran Cove early in 2012 but the deal collapsed.
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