In 1881 it was bought by John Frazer and Co and was greatly enlarged, so that by 1886 it had a frontage to the east side of Darling Harbour of 131 metres (430 ft), and three piers "capable of receiving and shipping cargo of any character and weight".

In 1886 there were 14 warehouses, with a large capacity of some 44,000 tonnes (49,000 short tons) of cargo and facilities for pressing 1600 bales of wool a day.

The other components of the complex that survived the dramatic changes brought about by the 1893 depression and the redevelopment by the Sydney Harbour Trust, were demolished with the formation of Hickson Road in 1925, which cut across the whole Grafton Wharf site.

[1][2] The sandstone wall was associated with the growth of wharf facilities and the expansion of the western side of the city, and provides a level access to properties at Kent Street.

[3][1] The building stands monument like in Hickson Road below the glass towers in Kent Street, a juxtaposition of new and old which, when seen from the west across the water, is one of the most engaging views of Sydney.

The east side, which once faced Jenkins Street, has three stepped gable parapets in the northern European manner, with catheads at the top.

The walls are built in English bond, of cream bricks believed to have been brought from Newcastle upon Tyne as sailing ballast.

[3][1] The unusual inverted "V" voussoirs in contrasting brickwork, stepped parapet and curved corner contribute to the striking street facade.

Extensive conservation and refurbishment works were undertaken in 1988 as part of the redevelopment of the adjoining site with a modern multi-storey building.

It is a complex building redolent of the busy wharfage area of earlier times and of a large mercantile facility which was once an important part of the city.

[1] Grafton Bond Store was listed on the New South Wales State Heritage Register on 18 April 2000 having satisfied the following criteria.

[3][1] The place is important in demonstrating aesthetic characteristics and/or a high degree of creative or technical achievement in New South Wales.

Its refurbishment and incorporation into a design focussed upon the new, large scale buildings, separated by an effective plaza, has aesthetic value as a good example of adaptive re-use and infill development.