The acquisition marks the successful amalgamation of 81 strata properties gaining freehold ownership of beachfront land spanning approximately 9,000m2
Diversified national property developer Goldfields has acquired Sorrento Beach Resort, continuing its expansion into the Western Australian property market.
Goldfields’ Chief Executive Officer, Lachlan Thompson, said the acquisition represents a new strategic direction for Goldfields, adding a strong income-generating hotel to its growing portfolio of commercial, apartment, greenfield residential, industrial, build-to-rent, and retail assets.
“Upon assessing the Perth and broader Western Australian hotel market, we identified a severe shortage of well-located boutique style hotels and serviced apartment offerings,” said Mr Thompson.
“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.
“Critically, with unpredictable construction inflation lingering as an ongoing challenge, we consider this latest acquisition as a valuable hedge against risk.”
“The acquisition represents a significant beachfront land holding with strong land value, immediate income with upside potential and a variety of future development options.”
Goldfields’ State Director – WA, Gareth Wilson, said Sorrento Beach Resort was a property with huge potential and its purchase reflects Goldfields’ commitment to growing its Western Australian portfolio.
“The acquisition marks a two year long amalgamation of 81 individual strata titled units to give us the full control of the asset and business. We are thrilled to have secured this property that will ultimately form part of an emerging precinct.” said Mr Wilson.
“Sorrento Beach Resort joins our popular Spindrift residential estate in Margaret River and Cowaramup landholding in our portfolio, reflecting our broad, long-term vision for Western Australia.”
Guests can enjoy Sorrento Beach a few steps away, travel to Rottnest Island via Hillarys Marina, and access business centres such as Joondalup, Balcatta and Osborne Park.
The resort’s favourable mix of 1, 2 and 3 bedroom apartments, studios, and its variety of amenities makes it perfect for families of all sizes and ensures strong year-round occupancy. While many resorts rely on the holiday high season, Sorrento Beach Resort also enjoys strong demand through the low and shoulder seasons, with inter- and intrastate travellers as well as corporate, community, sporting and school groups.
Sorrento Quality Resort is located at 1 Padbury Circuit, Sorrento Beach, 17km north-west of the Perth CBD.
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