EG Group locks in petrol station opposite Caneland Central

A favoured pit-stop with huge daily vehicle traffic potential has been taken off the market after a lease renewal, putting the kibosh on five offers to buy. 

The petrol pit-stop opposite Caneland shopping centre is off the market after EG Group extended its lease with vendor Waltnib Pty Ltd.

The station, which will be rebranded to Ampol, was put up for sale in September 2022 through Cushman and Wakefield, a global commercial real estate services firm.

 

It was listed for about $3m and it is understood some five offers were made, but with EG's new lease, Waltnib decided it was too attractive to sell.

The Caltex-branded station offers a E10, unleaded, diesel and LPG and is an EG Fuelcard approved location.

The 1611 sqm site at 3 Mangrove Rd was developed in 2004 by Waltnib and originally leased by Woolworths Petrol Plus.

The fuel station opposite Mackay's Caneland shopping centre is now off the market. Picture: Contributed.

Following a $1.7bn deal to buy 540 fuel convenience sites, the lease transferred to the EG Group, which holds the lease until 2027 with an option to extend to 2032.

Cushman and Wakefield representative Daniel Cullinane said the station’s proximity to Caneland made it an attractive prospect.

“When considering fuel and convenience assets, the number one factor that is desired by investors is proximity to amenity and when it comes to amenity, being across the road from one of Queensland’s biggest regional shopping centres that has over 5.61m annual visitors is about as good as it gets,” he said.

He also said it offered a potential buyer an annual rental income of $165,000.