Multiple properties linked to collapsed Caydon Group, including the historic Nylex site on Melbourne’s Yarra River, are likely to be sold as creditors seek to claw back loans from the property developer. | simonjohanson
Multiple properties linked to collapsed Caydon Group, including the historic Nylex site on Melbourne’s Yarra River, are likely to be sold as creditors seek to claw back loans from the property developer.
As well as the Nylex site in Cremorne, they include more than 100 apartments in existing Caydon development projects, a site in the early planning stages in Sydney’s Parramatta and another block intended for a beachside high-rise in Queensland’s North Burleigh Heads. “It’s early days. My role as liquidator is to look at what assets are available to each of the entities.”Based in Shanghai Commercial Bank Tower in central Hong Kong, OCP has offices in Sydney and Singapore.They were a major backer of Steller, another failed property developer, which collapsed in 2019 owing them $93 million.Spearheaded by Nicholas Smedley and Simon Pitard, Steller fell apart after buying multiple properties at the top of the market and settling as the market and values slumped.
“It’s early days,” Howell said. “My role as liquidator is to look at what assets are available to each of the entities.”