In another strong indicator of Subiaco’s growing investment appeal, the landmark Tighe’s Building at 131-135 Rokeby Road has changed hands for $5 million in an off-market transaction brokered exclusively by Michael Milne.
The two-storey, heritage-listed property occupies a prominent 642sqm corner site in the heart of Subiaco’s retail precinct, and comes with a total building net lettable area (NLA) of 612.3sqm across retail and office tenancies. The asset currently generates a net income of approximately $260,000 per annum anchored by leading fashion retailer Decjuba.
Originally constructed in 1905 for grocer and wine merchant Michael Tighe, the property remains a visual anchor of the historic Rokeby Road & Hay Street Conservation Area.
The purchaser, DMG Property, has been actively pursuing and acquiring strategic assets in tightly held locations, particularly where rental and development upside is identified.
“DMG Property had identified the Subiaco retail strip as an area of significant long-term growth,” said Michael Milne. “131-135 Rokeby Road, being a fully leased investment on a prime corner, was an ideal fit for their criteria. I’ve known both the buyer and seller groups for over 25 years, and was pleased to structure a deal that worked for both parties.”
The property was sold by Rockingham Park Pty Ltd, a well-regarded private property group with interests spanning investment, development, and finance.
The sale reflects a 5.2 per cent yield on net income, $7,788/sqm on land content, and a blended rate of $9,760/sqm on NLA, marking a sharp result for the strip.
This transaction is one of several recently completed by Mr Milne on Rokeby Road, as momentum continues to build for Subiaco’s main retail spine.
“We’re seeing pent-up demand from a wide range of buyer groups, whereby investors recognise the likelihood of rental uplift and developers have identified surplus development potential” Mr Milne said.
“There’s been close to $37 million in transactions within 200 metres of this site in the past 18 months alone, and I’ve had the privilege of brokering over $15 million of those.” Mr Milne added
Recent notable sales by Michael Milne on Rokeby Road include:
The transaction reaffirms the strength of Subiaco’s core precinct, which continues to attract private capital due to its mix of heritage charm, strong tenant profile, and urban renewal activity.
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