Bondy loved it, Laurie Connell was a regular and Peter Briggs and Kevin Parry had their famous Friday lunches there, before Julie Bishop turned it into a political office.
And now the former Mediterranean restaurant site in Subiaco is up for sale.
With this slice of history is the power to change the future, with the property including approval for a five-storey apartment development.
The decision by GWB Properties — which is an investment vehicle and not a development group — not to pursue the Hames Sharley-designed apartment complex approved late last year gives angry locals a reprieve.
Several neighbours had made impassioned pleas to authorities last year in a bid to stop them from approving the plans for seven apartments, three office tenancies and a cafe tenancy over five storeys.
Sterling Property principal Brian Neo said new buyers would be allowed to pursue the apartment project if they wished.
However, he believed the site was more likely to appeal to an owner-occupier looking for ample parking, sun-dappled courtyards and big internal spaces.
A second storey was added when the building, located on the corner of Rokeby and Nicholson roads, was converted into office accommodation.
It has a net lettable area of 506sqm, 17 car bays and a 748 sqm lot.
“We are seeing continued demand from SMEs (small to mediumsized enterprises) and family offices throughout this pocket of Subiaco,” Mr Neo said.
![The old Mediterranean.](https://timesofsydney.com/wp-content/uploads/2024/08/1cf140ce250c195ba9abd32644d5584a5e37389c-16x9-x0y313w6000h3375.jpg)
“This has been reflected in the recent off-market sales of 360 Rokeby Road for $2.4 million and 292 Rokeby Road for $3.15 million.”
Senior partner Jack Bradshaw said the site had more than a rich history; it was also a high-profile corner location, a big block that was almost double the average size on Rokeby Road and it had significant improvements and parking.
“Coupled with the fact 414 Rokeby also has a current development approval . . . a lot of the hard work has been completed to develop the site,” he said.
Offers close on September 18.
One in, one out for Westbridge
One of WA’s biggest property fund managers, Westbridge, has bought a $12m warehouse in WA and sold a $30m warehouse in the east.
The sale of the key industrial asset from the MPS Diversified Property Trust represents a 160 per cent price increase over seven years.
When combined with the 110 per cent gross return already delivered in distributions, the sale takes the total return to date for the MPS Diversified Property Trust to 184 per cent.
Westbridge bought the 10,000sqm warehouse facility in Altona, Victoria, in October 2017 for $11.5m.
Colliers International research showed land values for prime industrial sites between one and five hectares in Melbourne have jumped by about 300 per cent since 2017, rising from $190 to $763 per sqm.
Prime rents jumped 96 per cent from $74 to $145 per sqm in the same period.
“This exceptional result strongly supports our decision to anchor the MPS Diversified Property Trust’s portfolio around the Victorian industrial sector,” Westbridge Funds Management head of commercial funds Alex Lambert said.
“Our market research indicated that this sector was approaching a cyclical upswing, characterised by undervalued land and strong demand fundamentals, given Victoria’s established position as the industrial hub of Australia.”
While Victoria is in an upswing, WA’s industrial sector is proving a good place to invest.
Westbridge has just bought a fully leased warehouse and office on a 12,646sqm site, in Kewdale in Perth’s south-east, with a gross lettable area of 3984sqm.
Westbridge’s head of capital transactions, Simon Worth, said it was in a sought after and tightly held industrial suburb, renowned for its strategic proximity to key transport infrastructure.
![Westbridge Funds Management has acquired a $12 million warehouse facility in Kewdale](https://timesofsydney.com/wp-content/uploads/2024/08/cc1791c0568501b864d845628640f149357a9ef1-16x9-x0y42w800h450.jpg)
“This area benefits from high demand from industrial occupiers and tenants which, combined with the strong income fundamentals of the asset itself, sets the property in strong stead to capture future income and value uplift,” he said.
Magna Tyres Australia has a 10-year lease, with fixed annual rent reviews of 4 per cent. The tenant is responsible for all outgoings including capital expenditure. The asset is targeting a five-year average distribution of 8 per cent per annum paid monthly, increasing to an average of 9.3 per cent between years six and 10.
The deal was brokered by JLL’s head of logistics and industrial (WA) Matt Brunsdon, who said there were more than 80 inquiries and multiple offers.
“The large number of inquiries is attributed to a shortfall of core industrial assets that have come to market this year,” he said. Mr Brunsdon said there had been a 7 per cent increase in sales in Perth’s industrial sector, from $317m in the second quarter of the 2022-23 financial year to $338.2m in the same period a year later.
Westbridge Funds Management chairman Damian Collins said it had a great location, solid long-term growth prospects and strong income fundamentals to support an attractive monthly cash flow.