PRIME LAND PARCEL UP FOR GRABS ON SOUTH STRADDIE
A FAMILY which in the mid-1980s bought the land that became home to two South Stradbroke Island resorts is exiting the development game on the island.
The Small family is putting the remaining development parcel at its South Stradbroke Island Waters project on the market.
The move to find a $6 million buyer comes 32 years after the late Bruce Small bought 80ha on the island from a mortgagee.
The largest part of that holding today is home to the Couran Cove Island Resort and the balance is occupied by the Smalls’ estate, originally called Couran Point.
Michael Small, who with brothers Justin and Peter and sister Katrina helped their father develop Couran Point, yesterday said it was time to move on.
“We all have worked there, doing everything from building roads to digging sewerline trenches, and we still are involved.
“We all have holiday homes at Couran and it’s now time to enjoy them as places to relax rather than as somewhere to retreat to after work.”
The Small exit involves finding a buyer for a 6.1ha site, which comes with a freehold marina, on the eastern side of South Stradbroke Island Waters.
The land adjoins Couran
Cove Island Resort and, under a development agreement with the city council, could become home to 350 people.
Mark Feltell, principal of Main Beach’s General Realty, yesterday said the agreement allowed for a variety of uses, ranging from a hotel to units and shops.
“The land could even be cut up into five or six large lots for large homes.
“A buyer might decide to make it home for their own single private retreat.”
Company Co-Ownership Land Development in the early 1970s started the waterfront project that evolved into Couran Point and sold 241 lots off the plan for between $7400 and $15,600.
The lots were not completed, owners never were issued with titles, and the company was placed into receivership.
The Brisbane-based Bruce Small bought 80ha from a CoOwnership funder and later sold 54ha to American billionaire philanthropist Chuck Feeny for $15 million.
That holding today is home to the Couran Cove Island Resort.
The Small family has gone on to develop 109 lots at Couran Point, with all but four sold.
It also built a 32-unit resort and between 2000 and 2001 ran a day-tripping business.
The resort, which no longer operates, is on the land being sold.
Mr Small died in 2017 at 81.