Visibility at its best and a price to match

It's smaller than a studio apartment but it commands more than $1.5 million in rent a year.

It's smaller than a studio apartment but it commands more than $1.5 million in rent a year.

A recently installed digital billboard facing the Elizabeth Street entrance of Flinders Street Station is believed to have set an Australia record for an advertising sign.

Dubbed "Melbourne Square", the 43-square-metre LED sign hangs on the south-west corner of 276 Flinders Street, making it visible along Elizabeth and Flinders streets.

It it estimated that more than 81,500 pedestrians and 21,500 vehicles pass through this corner each day.

"We ran an international expression of interest campaign and we received responses from advertising operations from all over the world," said Jones Lang LaSalle leasing director James Palmer.

"This site is without a doubt one of the busiest and most significant street corners in the Melbourne CBD. Exclusive rights in such a prominent and busy location mean this is an extremely valuable piece of real estate."

Outdoor media investment group QMS Australia will pay a rent of $1.5 million for the spot. The building is owned by Fivex Commercial Property.

cvedelago@theage.com.au

Twitter: @chrisvedelago