There are many unfinished developments, empty blocks and abandoned buildings in Melbourne. But few property projects are as prominent – or as long-running – as the historic silos on the Yarra River.
The site’s owner, property developer Caydon, went bust two years ago. Since then, very little has happened to the decaying heritage-listed structure, made famous by the illuminated Nylex clock on top of the silos.
John Molden lives in an apartment tower next to the Nylex clock silos, which sit empty and abandoned.Credit: Joe Armao
There were grand plans for the Malt District project in Cremorne, which included a proposed $1 billion redevelopment to build 200 apartments, office towers, retail and hospitality outlets.
The project went on hold when Caydon went into receivership in July 2022 owing more than $200 million. The builder contracted for the project, Probuild, collapsed in February 2022.
Receivers McGrathNicol and liquidators Jirsch Sutherland were appointed to take control of Caydon’s assets, with the likelihood the Nylex clock site would be sold to pay creditors.
However, title documents show the Gough Street property has not changed hands since Caydon’s collapse. Caydon bought 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.
The receivers were tight-lipped when contacted by The Age and refused to answer questions about whether the site was still for sale.
Meanwhile, the silos continue to attract graffiti, and urban explorers. A news helicopter recently filmed trespassers who climbed to the top of the derelict building.