March 16, 2022 – Melbourne’s heritage-listed silos below Inner-City Melbourne’s famous NYLEX and Victoria Bitter signs are set to be incorporated into a major office development as part of the final stages of The Malt District.
With the end value of the remaining components in excess of $400 million, Melbourne developer Caydon has engaged Cushman & Wakefield to source capital for The Malt District and complete the project, with the office components to be speculatively built to capitalise on the enduring demand for the Cremorne precinct.
Having already completed one 14,000sqm office building leased to MYOB to house their 1,000 strong workforce and a sold-out residential tower, the remaining stages of the precinct include another 30,000sqm of office space, rejuvenation of the historic 2,370 sqm micro-brewery and potentially a 200-room hotel.
Cushman & Wakefield’s Nick Rathgeber, Leigh Melbourne, Josh Cullen and Mark Hansen have been engaged by Caydon to conduct an international campaign for the precinct.
Nick Rathgeber said investors are increasingly confident in the market fundamentals through strong pricing metrics being achieved for both existing and development stock.
Mr Rathgeber also believes the historic and creative features of The Malt District are on par with urban regeneration projects in major cities around the world and reflect the elements that has repeatedly placed Melbourne at the top of the ‘most livable cities’ list.
“Caydon identified this trend very early on and are now looking to finish what they started, with the flashing lights of the NYLEX sign to soon mark the completion of this landmark precinct" he continued.
By incorporating a mixture of commercial office space, apartments, hotel, retail and F&B, the rejuvenation of the heritage listed silos below the famous NYLEX and Victoria Bitter signs into modern office buildings, will offer corporate and creative office space like nothing else in the country.
Managing Director of Caydon, Joe Russo, said the thriving tech and creative district that emerged in Cremorne and its surrounds makes it an attractive prospect to forward-thinking businesses.
“Dubbed Silicon Yarra, Cremorne is seeing continued gentrification and is attracting a lot of corporate and co-working style offices as employers are seeing the benefits of city fringe spaces. Given its central location, easy access, and array of great bars and restaurants, it’s no wonder Cremorne has become Melbourne’s next hot spot.
“I have long seen the vision for The Malt District offer the very best of what is inherently Melbourne, from work to play and day to night, and I look forward to turning the clock back on for all Melburnians to enjoy once more.