Receivers acting on behalf of Asia-based non-bank lender OCP will have at least $150 million of assets they could potentially sell as they look to recoup funding provided to collapsed developer Caydon, after seizing control of the prized Nylex silo site and about 100 unsold apartments.

Due to house a 30,000 square metre office development, micro-brewery and 200-room hotel, the 1.3 hectare Nylex site with its famous clock atop concrete silos was the second stage in Caydon’s $1 billion Malt District. The first stage featured a $100 million office building leased to MYOB and bought by AXA in 2018 and a completed residential tower.