Sterling Property has brokered the sale of 361 Rokeby Road, Subiaco, the long-standing home of Piccolo Trattoria in just five days, underscoring strong demand for quality suburban hospitality assets.
The 417sqm freehold property was sold for $2.3 million, reflecting a net yield of 5.15%. The site is securely leased to the well-established Italian restaurant until October 2027, with two further six-year options in place, returning $118,457.96 per annum net.
Zoned ‘Mixed Use’ under the City of Subiaco LPS5, the property offers future development potential with a 1.5 plot ratio and a 12-metre building height allowance (STCA). The transaction was finalised swiftly following a targeted exclusive campaign.
Sterling Property Managing Director Brian Neo said the result highlighted the resilience of Perth’s suburban investment market.
“We’re seeing heightened competition for city-fringe commercial assets with stable income and underlying land value,” Mr Neo said.
“This result reinforces the demand for freehold properties in vibrant, walkable precincts like Rokeby Road.”
Sterling Property Partner Jack Bradshaw said the strength of the tenancy and location were key factors in the sale.
“This is one of Perth’s most tightly held and high-performing hospitality precincts,” Mr Bradshaw said.
“Opportunities like this don’t last long – particularly when they combine strong tenant performance with future development flexibility.”
Sterling Property has completed 58 transactions totalling more than $152 million over the past quarter, a result that underscores the continued investor appetite for quality suburban assets and reinforces the agency’s leadership in the sub-$5 million investment space.
To learn more about commercial investment opportunities in Subiaco and other high-performing suburban precincts, contact Brian Neo on 0411 868 486 or Jack Bradshaw on 0439 095 336 at Sterling Property.
