Goldfields Pays $30m to Add Sorrento Resort to WA Assets

Victorian-based diversified national property developer Goldfields has added another WA property to its portfolio as its push into the West continues.

The company has acquired Sorrento Beach Resort at Sorrento Beach, 17km north-west of the Perth CBD, paying more than $30 million for the 9000sq m site.

The asset comprises studio, one, two and three-bedroom apartments and a variety of amenities.

Goldfields WA director Gareth Wilson said the acquisition marked the completion of a two-year amalgamation of 81 individual strata titled units to give Goldfields full control of the asset and business.

“Sorrento Beach Resort joins our popular Spindrift residential estate at Margaret River and Cowaramup landholding in our portfolio, reflecting our broad, long-term vision for Western Australia,” he said.

Goldfields chief executive Lachlan Thompson said the acquisition was a new strategic direction for Goldfields, adding a “strong income-generating hotel to a growing portfolio of commercial, apartment, greenfield residential, industrial, build-to-rent, and retail assets”.

▲ It took Goldfields two years to acquire the Sorrento Beach Resort in WA.

He said an assessment of Perth and the broader Western Australian hotel market had identified a “severe shortage of well-located boutique style hotels and serviced apartment offerings”.

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

“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.”