Former Sidetracked go kart centre in Oakleigh South scores $17m sales deal
The former Sidetracked Entertainment Centre in Oakleigh South has been sold for $17m.
The former Sidetracked Entertainment Centre in Oakleigh South has been sold off market for $17m in a deal which could see the iconic go kart venue transformed into an electric vehicle distribution centre.
Sidetracked, which opened at 364-372 Huntingdale Rd (also known as 370 Huntingdale Rd) in 1991, closed in January.
The Grant Group founder Stephen Grant said his commercial buyer’s agency purchased the entertainment centre’s 12,700sq m block in December on behalf of a client, who wished to remain anonymous.
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“We purchased it for $17m which was a big number at the time,” Mr Grant said.
“We could see that we were in a tightly-held and bullish industrial market in that area, so we knew we needed to lock the site up ASAP.
“Now three months later, $17m looks like a pretty good price.”
The Grant Group has also purchased 110-112 Alexander St, Crows Nest near Sydney for $9.8m on a client’s behalf.
The Grant Group founder Stephen Grant.
Mr Grant said his business worked with CBRE agents Sasan Misaghian and Bryce Pane on the sale, who represented Sidetracked’s vendor.
“From what the agents told us afterwards, developers have been chasing that (Oakleigh South) land for five years,” Mr Grant said.
He said there was “a massive shortage of industrial land in the inner precincts of Melbourne which is driving massive competition between funds, developers, owner/occupiers and other buyers”.
A planning permit to convert the former Sidetracked venue into an electric vehicle distribution centre has been lodged with the city of Monash.
The Grant Group has settled $31m of commercial assets since its launch in December last year.
Mr Grant said The Grant Group identified the go kart venue for acquisition after finding 11 locations across 17 km southeast of central Melbourne for their client to potentially purchase.
According to CoreLogic records, the Sidetracked site was purchased by its previous owner for $1.3m in 1994.
Mr Grant provided no comment about the site’s future use.
Monash council’s headquarters in Glen Waverley. Picture: Andy Brownbill
Mr Grant said there was a massive shortage of industrial land in Melbourne’s inner precincts. Picture: Ian Currie
However, a planning permit seeking to convert the former Sidetracked venue into an electric vehicle distribution centre has been lodged with the city of Monash.
If approved by the council, the two-storey centre would have 306 car parks including 269 roof spaces.
The operator is not planning to sell vehicles onsite but have cars shipped in for servicing and tuning prior to being test-driven and collected by customers.
A report prepared by GIW Environmental Solutions, included with the planning documents, stated the centre would have 15 employees and an estimated 26 customers visit per day.
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