Sunday, July 14, 2024

The Nylex clock and the property developer that went bust, leaving Richmond silos undertaking in limbo

There are numerous unfinished developments, empty blocks and deserted buildings in Melbourne. However few property tasks are as outstanding – or as long-running – because the historic Richmond silos on the Yarra River.

The location’s proprietor, property developer Caydon, went bust two years in the past. Since then, little or no has occurred to the decaying heritage-listed construction, made well-known by the illuminated Nylex clock on prime of the silos.

John Molden lives in an apartment tower next to the Nylex clock silos, which sit empty and abandoned.

John Molden lives in an residence tower subsequent to the Nylex clock silos, which sit empty and deserted.Credit score: Joe Armao

There have been grand plans for the Malt District undertaking in Cremorne, which included a proposed $1 billion redevelopment to construct 200 flats, workplace towers, retail and hospitality shops.

The undertaking went on maintain when Caydon went into receivership in July 2022 owing greater than $200 million. The builder contracted for the undertaking, Probuild, collapsed in February 2022.

Receivers McGrathNicol and liquidators Jirsch Sutherland have been appointed to take management of Caydon’s property, with the probability the Nylex clock website can be bought to pay collectors.

Nonetheless, title paperwork present the Gough Road property has not modified arms since Caydon’s collapse. Caydon purchased it for $38 million in 2014, promising a “gateway” to Melbourne.

An artist’s impression of the proposed Nylex site development, which is in limbo.

An artist’s impression of the proposed Nylex website growth, which is in limbo.

The receivers have been tight-lipped when contacted by The Age and refused to reply questions on whether or not the location was nonetheless on the market.

In the meantime, the silos proceed to draw graffiti, and concrete explorers. A information helicopter not too long ago filmed trespassers who climbed to the highest of the derelict constructing.

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