First sale or lease - oceanfront in Victorian beach town (8)

I believe the answer is:

sorrento

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'victorian beach town' is the definition.
The definition suggests a singular noun which matches the answer.

'first sale or lease oceanfront' is the wordplay.
'first sale' becomes 's' (ost letter of 'sale').
'lease' becomes 'rent' (synonyms).
'oceanfront' becomes 'o' (this might be a standard abbreviation of which I'm unaware).
's'+'or'+'rent'+'o'='SORRENTO'

'in' is the link.

Can you help me to learn more?

(Other definitions for sorrento that I've seen before include "Resort on the Bay of Naples" , "Italian town on bay of Naples" , "City on the Gulf of Naples" , "Resort in Campania" , "site south of Naples" .)

I've seen this clue in the Sydney Morning Herald.

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