$3.05 million billboard sale at Flinders and Swanston

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%.