The prime advertising spot is at the centre of a four-year fight over the vexed question of how much motorists’ eyeballs are worth.
oOh!media sought up to $52 million when the state government acquired its lease of land near Sydney Airport.The compulsory acquisition triggered a dispute spanning four years and two courts.It was the multimillion-dollar question at the centre of a protracted court fight in Sydney: how much is a prized site for motorists’ eyeballs worth?
The resumption of the lease triggered a years-long fight between oOh!media and the state government that culminated last week in aThe Valuer-General had determined compensation of $3.8 million was payable to oOh!media. The company challenged that determination in the NSW Land and Environment Court.On its “preferred scenario”, oOh!media wanted $52.2 million, but it proffered a figure of $32.6 million as a fallback position.
Digitisation “has the potential substantially to increase the earnings a billboard can yield”, Court of Appeal Justice Jeremy Kirk said“Exactly how many of the 18 billboards on Qantas Drive the appellant planned to digitise had it not learnt of TfNSW’s proposal to acquire the land was a matter of dispute in the ,” Kirk said.
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