Historic Griffiths Teas, Surry Hills building set for mixed-use conversion

Historic Griffiths Teas, Surry Hills building set for mixed-use conversion
Historic Griffiths Teas, Surry Hills building set for mixed-use conversion

Sydney’s historic Griffiths Teas building are likely to be converted into New York-style converted warehouse apartments, offices and retail space.

Boutique residential developer Cornerstone Property Group has paid $22.22 million through JLL agent James Aroney for the factory that was sold by the property investors Isaac and Susan Wakil.

The Commonwealth and Wentworth Street, Surry Hills acquisition is part of a broader strategy to carve a niche transforming aging industrial buildings into stylish retail spaces and innovative warehouse style apartments, Cornerstone chief executive Michael Grant said.

Historic Griffiths Teas, Surry Hills building set for mixed-use conversion

The Cornerstone group recouped $37 million when all 39 apartments in its soon to be redeveloped Classic sportswear ­factory on Cleveland Street sold in May.

An historic mixed-use development at 119-121 Kippax Street is its latest project.

Isaac and Susan Wakil have also offloaded Key College House in Sydney to a ­consortium associated with property developer Michael Teplitsky.

Key College at 49-53 Wentworth Avenue is set to become a hotel and apartment tower with 98 hotel rooms and 35 apartments with hotelier Paul Fischmann’s Eight Hotels group.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Commercial Sydney

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