$3.05 million billboard sale at Flinders and Swanston

$3.05 million billboard sale at Flinders and Swanston
Jonathan ChancellorAugust 11, 2015

The 117-square-metre high tech billboard sign on a wall in the heart of Melbourne's CBD sold at Burgess Rawson auction last week for $3.05 million.

Set on a wall on the corner of Flinders Street and Swanston Street above Melbourne's busiest pedestrian crossing, the digital billboard, worth $1 million, is currently rented out by an advertising company until 2039 for $375,000 a year.

The rent is set to increase ever year by CPI and every fifth year to match the market.

A rare Melbourne signage property at 7/238 Flinders Street is leased to Digital Outdoor Media (VIC) Pty Ltd, a leading Australian marketing company.

It comes with view and access agreement with adjoining property.

Burgess Rawson agent Graeme Watson was advising pre-auction of its high yield anticipation circa 10%.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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