Sorrento Beach Resort acquired by Victorian property developer for eye-watering $30 million

The Sorrento Beach Resort could be set for a facelift in the near future after being purchased by a Victorian property development company for a reported $30 million.

Goldfields Group recently secured full ownership of the about 9000sqm of beachfront land after two years spent uniting 81 individual apartments and units.

The Resort is just a few hundred metres south of Hillarys Boat Harbour and currently offers a mix of one-, two- and three-bedroom apartments, studios, and a variety of amenities.

It also sits across the road from the controversial eight-storey 75-apartment $73.7 million Megara development Ora Sorrento, which is now under construction and scheduled for completion by late 2026.

Goldfields’ CEO Lachlan Thompson said the acquisition of the Resort was a strategic investment to address a gap in 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 said.

“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 complete, the developer now owns three WA properties, joining 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 huge potential.

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