By Tom Cowie
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.
The Nylex clock dates to the 1960s and features in Paul Kelly’s song, Leaps and Bounds. The silos were built in the 1850s to store grain for malting to brew beer.
John Molden, a resident of a neighbouring apartment tower, said very little had happened to the site since he moved in two years ago.
Some blue tarps had been put over surrounding buildings to prevent damage, he said, but that was it.
“Every day, there’s a new piece of graffiti [that] crops up there,” he said.
City of Yarra councillor Herschel Landes said he was very concerned with the increasing number of dead buildings across the inner suburbs.
He said financial difficulties within parts of the construction industry had made it difficult for the state government to achieve its housing targets.
The famous Nylex clock is a Melbourne landmark and marks a long-running property saga.Credit: Paul Jeffers
Yarra Council has been given a target to build 48,000 new homes by 2051.
“We need to be flexible and innovative to delivering housing opportunity and not lock out the future generation,” Landes said.
Councillor Stephen Jolly, a former member of the Victorian Socialists, said the stalemate over the silos site showed the housing crisis could not be solved by relying on property developers.
Credit: Matt Golding
“The almighty market is king in Victoria,” he said. “It is not the solution.”
Jolly said planning rules meant the council could do little to force owners to develop empty sites.
“They can just sit their twiddling their thumbs and we’ve got homeless people and kids couch-surfing,” he said.
A council spokesperson said a planning permit was still live for the site.
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