Getting the famous Nylex clock running again will be part of a planned redevelopment of the Richmond site just north of the Yarra River.

A developer wants to build offices, shops, studio apartments and a public plaza at the site, next to Punt Road and overlooking the Yarra.

The Nylex clock could be ticking again. Credit:Paul Rovere

But the Planning Minister, Matthew Guy, has stressed the development would not affect the historic neon clock, which is more than 50 years old and was immortalised in Paul Kelly's song Leaps and Bounds, nor would it affect the silos underneath the clock or a nearby Victoria Bitter sign.

Mr Guy said the developer was likely to pay for the clock to be repaired and then to keep it running. He said the government had already spoken with the developer about fixing the clock, which was likely to be a one-off cost of "tens of thousands" of dollars.