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276 Flinders Street, Melbourne joins ranks of New York, London and Paris
MELBOURNE, 15 JUNE 2013 – A digital billboard in Melbourne’s CBD has achieved a record rental rate earning its place as one of Australia’s most valuable pieces of real estate, shaking up both the commercial property market and the advertising world.
The new digital billboard dubbed ‘Melbourne Square’ is located on Melbourne’s busiest CBD Street corner at 276 Flinders Street, and has been leased to QMS Australia Pty Ltd, one of Australia’s leading outdoor media investment companies.
Jones Lang LaSalle Leasing Director, James Palmer negotiated the 13 year lease of the 14.4 x 2.8 metre billboard on behalf of Fivex Commercial Property, which is anticipated to yield an annual income in excess of 1.5 million dollars.
Situated on the prominent corner of Flinders and Elizabeth Streets, directly opposite Flinders Street Train Station, ’Melbourne Square’ brings some of the neon glitz and glamour of New York’s Times Square to the Melbourne CBD, featuring world leading LED technology that allows advertisers to change messages daily and at different times of the day.
“We undertook an international EOI campaign receiving offers from groups all over the world. We quickly decided on a shortlist of capable parties, with QMS being successful in winning the exclusive advertising rights” Mr Palmer said.
“This site is without a doubt one of the busiest and most significant street corners in the Melbourne CBD” Mr Palmer said. “Melbourne Square has become the major look-to feature as people exit Flinders Street station via the Elizabeth Street pedestrian subway, and for all pedestrians in general.”
“Exclusive rights in such a prominent and busy location mean this is an extremely valuable piece of real estate” Mr Palmer added.
Mr Palmer said the site and its advancement was testament to the commitment of the owner of 276 Flinders Street, Fivex Commercial Property under the leadership of General Manager, Lesli Berger.
Mr Berger said the approval for the site marked an important time for Melbourne. “Finally Melbourne is set to join the ranks of the world’s great cities like New York, London, Paris and Berlin; cities that embrace billboards as part of the theatre of their very streetscapes, cities that work with billboard owners and advertisers to ensure the messages on the sites are entertaining, relevant and dynamic, and add to the city’s character. We are very pleased to be moving forward with QMS, taking advertising and communication to the next level,“ he said.
QMS CEO, Barclay Nettlefold said “’Melbourne Square’ is a premium digital outdoor sign using the very latest LED technology and delivers to a large and captive CBD audience due to its high profile location.”
“It’s big, it’s powerful and it’s a very high quality digital sign which is drawing a lot of interest from major advertisers. ‘Melbourne Square’ is very exciting and the first of two landmark sites we are developing in Melbourne” Mr Nettlefold added.
Comprising approximately 12,000sqm, 276 Flinders Street not only houses the digital billboard, but is undergoing an extensive refurbishment program following the re-location of major tenant Commonwealth Bank in March this year.
Mr Palmer is the appointed leasing agent for the property in conjunction with Mathew Kent of Savills. “In line with the digital billboard, the refurbishment program has delivered exceptional results in putting 276 Flinders Street on the map, with approximately 75% of the Commonwealth Bank backfill space either leased or under offer,” he said.
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