Joe Russo's Caydon group has topped out the first new building of its $1 billion mixed-use apartment project at the Nylex Maltings site overlooking the Yarra in Richmond.
The completion of the project's nine-level, 8,800sq m commercial tower at the site’s southeastern corner is the first milestone in the transformation of the former industrial precinct into a vibrant commercial, residential, retail and hospitality hub.
Caydon, one of Melbourne's largest private developers, boasts a $4 billion development pipeline spread across projects in Melbourne as well multi-family apartment projects in Houston and Seattle.
The developer acquired the mainly derelict but historically significant site 1.1 hectare site in late 2014 for $38 million.
Stage one of the project also includes a 15-level apartment tower and supermarket. Stage two will include more apartments, as well as shops, bars, cafes and restaurants.
The masterplan for development also incorporates heritage retention of many of the concrete silos, as well as the Victoria Bitter sign and the famous Nylex clock, which will be fully restored and reinstated.
The newly-completed commercial building, which is leased to software company MYOB, reinforces the area’s rapidly growing reputation as a dynamic tech hub, coined “Silicon Yarra”, also home to other well-known tech brands such as Uber, Seek and REA.
MYOB’s entire Melbourne team will be co-located in Cremorne when it transitions more than 500 staff into the tower.
“Historically, this was an important hub for jobs, commerce and investment in Melbourne and through The Malt District it is becoming one again,” Caydon principal Joe Russo said.
“This vision for this project has been a long time in the making and to see it start to come to fruition is really satisfying.”
Contractors Probuild, who are responsible for first stage construction, has collaborated with Caydon previously on two earlier residential towers.
Major work on stage two of the project involving restoration and retention of heritage structures and assets is expected to progress later this year with construction expected to begin on two further buildings designated for commercial use.
Work is also progressing on Coppins Corner, a 15 and 12 split-level tower featuring 209 one, two, and three-bedroom apartments, 60 per cent of which have been sold.