Sorrento Beach Resort acquired by Victorian | Australian Markets

The Sorrento Beach Resort may very well be set for a facelift within the close to future after being bought by a Victorian property development company for a reported $30 million.

Goldfields Group lately secured full possession of the about 9000sqm of beachfront land after two years spent uniting 81 particular person flats and items.

The Resort is simply a few hundred metres south of Hillarys Boat Harbour and at the moment gives a combine of one-, two- and three-bedroom flats, studios, and a selection of facilities.

It additionally sits throughout the highway from the controversial eight-storey 75-apartment $73.7 million Megara development Ora Sorrento, which is now underneath construction and scheduled for completion by late 2026.

Goldfields’ CEO Lachlan Thompson stated the acquisition of the Resort was a strategic investment to handle a hole within the Perth market.

“Upon assessing the Perth and broader WA hotel market, we identified a severe shortage of well-located boutique-style hotels and serviced apartment offerings,” Mr Thompson stated.

“Our plan is to continue operating Sorrento Beach Resort while implementing immediate value-add opportunities that benefit guests and the broader Sorrento community.

“Sorrento Beach Resort has shown consistent revenue growth over the past decade, and we foresee several opportunities to further enhance its value and overall performance.”

With this deal now full, the developer now owns three WA properties, becoming a member of its Spindrift residential project in Margaret River and a 200-lot subdivision in Cowaramup.

Goldfields WA State director Gareth Wilson believes the Sorrento Beach Resort has big potential.

“We are thrilled to have secured this property that will ultimately form part of an emerging precinct,” Mr Wilson stated.