The tycoons have returned to the Australian property market, The Australian has reported.

The Richmond Malt in Melbourne, popularly known as the home to the city’s Nylex clock, his now under the ownership of local developer Caydon and is set for a major revamp. The historic structure had a whopping tag price of $38m.

Caydon is partnering with Heritage Victoria to turn Richmond Malt into a $600m mixed-use development.

Also in Melbourne, developer John Beville is set to overhaul the office tower at 509 St Kilda Road. Beville sealed the deal with Calibre Capital for about $90m.

Meanwhile, aged care entrepreneur Viv Padman has bought a landmark Pirie Street tower in Adelaide from German fund manager Real I.S. Group for $72m.

Another property in Brisbane from Wentworth Equities has won approval for its $650m mixed-use ICON development, which is to be one of Australia’s largest waterfront urban renewal projects.