Monitoring the traffic state of the road network is very important for a plethora of reasons, such as the prevention of traffic congestion and the development of estimation and control policies. In order to efficiently obtain high-quality information on traffic, the sensors must be installed at optimal locations in the road network under study. This problem is known as the Network Sensor Location Problem (NSLP). In this work, a multi-objective NSLP is proposed for the installation of a pre-defined number of sensors to maximise (i) the covered traffic flow volume and (ii) the minimum distance between candidate links for sensor installation, while taking into account pre-installed sensors. We reformulate the problem into a single-objective mixed-integer linear program (MILP) that yields the optimal sensor locations. In addition, we propose four low-complexity heuristics for the solution of the problem. The performance of the proposed algorithms is evaluated for the traffic network of the Republic of Cyprus under reallife conditions and traffic data. Results show that the four low-complexity approaches yield a different trade-off between execution speed and solution quality.