Leaps and bounds as Caydon buys The Richmond Malt, complete with Nylex Clock

The Richmond Malt, home to Melbourne’s historic Nylex clock, is set for a renewal after being purchased by the local developer Caydon for $38 million.

The Deague family's Asian Pacific Group also considered the purchase of the site which could possible hold up to 600 apartments. It is a project that would have significant heritage and environmental issues.

It is likely Richmond’s famous silos will be demolished with the heritage protected 1960s Nylex sign then re-attached to the top of a tall apartment building.

With ambitious plans to re-invent the riverside precinct known as Cremorne, Caydon, owned by Richmond Tigers sponsor Joe Russo, will commence working with the City of Yarra, Heritage Victoria and the community to plan the development expected to be worth $600 million.

Caydon own next door, once occupied by Beaver Plastics, taking their holding to around 1.6 hectares.

There has been a recent acquisitive thrust from Russo who paid $16.5 million for a site on Ascot Vale Road in Flemington earlier this year with around 380 units set to be publicly marketed early 2015. Off market sales at Flemington began in September with over a quarter of the apartments sold. 

In May Caydon paid $4.89 million for a 3,360 square metre car park site in Ivanhoe from Dr Nick Sevdalis who acquired the 3,360 square metre site for $175,000 in the 2004 liquidation of John Sage's Pacific Heights Developments.

Caydon has apartments are under construction at St Kilda Junction, with what will be QM Properties Road’s tallest residential development, STK. It recently completed its Hawthorn project, Atria with 250 apartment sales. 

Colliers International’s Jeremy Gruzewski and Peter Bremner secured the sale of 2-8 Gough Street for Richard Mizgala of Power Investments who bought the property through Colliers International in 2004.

The site has been part of Melbourne’s brewing history since the late 1800s.

The 11,340 square metre site has previously attracted interest from developers when restoration projects were proposed in 2002 and 2004. 

The Nylex Clock featured in Paul Kelly’s late 1980s song 'Leaps and Bounds', with the band filmed performing on top of the tower.

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