Visibility at its best and a price to match
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.
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The "Melbourne Square" digital billboard is a 43-square-metre LED advertising sign recently installed on the south-west corner of 276 Flinders Street, facing the Elizabeth Street entrance of Flinders Street Station and visible along both Elizabeth and Flinders streets.
Outdoor media investment group QMS Australia will pay a reported rent of $1.5 million a year for the Melbourne Square advertising spot.
The building that carries the Melbourne Square sign is owned by Fivex Commercial Property, and the advertising lease for the site has been taken by QMS Australia following a leasing process led by Jones Lang LaSalle.
The corner is considered one of the busiest and most significant street locations in the Melbourne CBD, making exclusive advertising rights highly valuable due to strong visibility to pedestrians and vehicles along Elizabeth and Flinders streets.
The recently installed digital billboard is believed to have set an Australian record for an advertising sign, according to reporting on the installation.
At 43 square metres the LED sign is described in the article as being smaller than a studio apartment, yet it commands more than $1.5 million in annual rent.
The site is estimated to see more than 81,500 pedestrians and around 21,500 vehicles pass through that corner each day, contributing to its advertising value.
Jones Lang LaSalle ran an international expression of interest campaign for the site and received responses from advertising operators around the world before awarding the lease to QMS Australia.
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