Mix the warm water, warm milk, yeast, and sugar together in the bowl of your stand mixer. Cover and allow to sit for 5 minutes.

Add the oil, salt, and 1 cup flour. Beat on low speed with a dough hook until combined, scraping down the sides of the bowl with a rubber spatula, then add another cup of flour. Continue to beat on medium speed until incorporated and then add in the final cup of flour and beat on medium speed until the dough comes together and pulls away from the sides of the bowl, about 2 minutes.

Keep the dough in the mixer and beat for an additional 2 minutes or knead by hand on a lightly floured surface for 2 minutes.

Remove the dough from the bowl so you can lightly grease the bowl with olive oil. Place the dough back into the bowl, turning it to completely coat it with oil. Cover the bowl with plastic wrap, or a clean kitchen towel and allow the dough to rise in a warm environment for 1-2 hours or until double in size.

Punch down the dough and turn out onto a lightly floured surface and knead for a couple of minutes until smooth. Shape into a log and place into a greased 9 x 5 inch loaf pan. Cover again with a kitchen towel or plastic wrap and again let rise for about an hour or until the dough is about an inch higher than the pan.

Preheat the oven to 180°C and place the bread into the oven to bake for 30 minutes, until the top is golden brown. It will be done when you gently tap the top of the bread and it sounds hollow.

Allow the bread to cool a bit before slicing, otherwise your bread knife may tear the bread. Place leftover bread in an airtight container and store at room temperature for 2-3 days or in the refrigerator for up to a week.