Today's Age claims that the silos beneath the Nylex clock in Richmond (actually a suburblet called Cremorne, apparently) are to be demolished as part of a new office development. The sign has heritage protection and will sit on top of whatever building is constructed on the site, but the silos are not regarded as having enough historical importance to protect.
I have almost as much fondness for the silos as for the Nylex sign. Even though they are comparatively recent (early 1960s), they harken back to a more industrial Melbourne. The incongruity of large industrial storage facilities nestled between the hyper-modernity of the over-lit freeway and the Victorian idyll of the bridge, gardens and tree-lined avenue is just the sort of thing which makes a city interesting. There's something of the story of Melbourne in the juxtaposition: Melbourne, wealthy enough to create leisured beauty; Melbourne, working class industrial at root.
I hope Nation Fender can resist the temptation to create a thrusting glass palace.