Surry Hills landmark Griffiths Teas apartments sell out

A “one of a kind” Surry Hills development has joined a string of lucrative inner-city sellouts, after achieving 5000 registrations for 38 apartments.

Cornerstone Property Group’s iconic Griffiths Teas heritage landmark  on Wentworth Avenue sold out after launching on Tuesday, ahead of the expected Saturday release. 

After lying empty and boarded up for 30 years, the building has been re-imagined as New York warehouse-style apartments by PopovBass architects.

In total, three or four buyers battled it out for each apartment, according to Caroline Fagerlund, director residential projects of sales agents CBRE.

These  were a diverse range and “not just your typical Surry Hills buyer”, she said, with empty-nesters and downsizers among them.

Of the 38 apartments, seven were penthouses, ranging from 120 to 245 square metres. 

The priciest, one of the seven three-bedroom two-storey penthouses, sold for about $4 million.

The nine oversized units sold for more than $2.6 million.

“The success is due to the uniqueness of the project – it’s never to be seen again,” Ms Fagerlund said.

The 38 apartments in the seven-level building with ground floor retail are in the cooling-off period.

Expected to be complete in the first quarter of 2017, it’s one of several success stories, joining other sellouts including The Foveaux in Surry Hills, Cleveland & Co in Redfern and The Darling Square in the CBD.

The Foveaux sold 82 per cent of its apartments at launch in August 2014, primarily to owner occupiers.

Nearby in Surry Hills is Cornerstone Property Group’s No. 1 Lacey, with 38 warehouse apartments and seven terrace penthouses, also marketed through CBRE.

Originally a 1912 factory at 1 Lacey Street, later extended in 1923 to include a warehouse, the development will be a blend of industrial and modern convenience designed by BKH Architects.

The building was used as the set for the filming of the latest Australia’s Next Top Model.