Okay, checked the nautical chart in the boat and found there are shoals marked, here's a screenshot...
I also found that the chart shows a second red beacon closer to Elanda Point. I have never seen this 2nd beacon, but I have heard there is a broken post in the water around this location, so I guess this is a "broken red beacon". I have added this and the gravel shoals from the nautical chart to my google earth map...
So next time I sail from Elanda Point, I reckon the plan is to steer clear of the area from Mill Point to the remaining red beacon, otherwise take it nice and slow! If anyone wants a copy of the google earth points, message me and I'll email the kmz file. The coordinates of the gravel bank are approximately as follows...