A city fringe warehouse with endless possibilities in the heart of what was recently declared by Time Out as one of the “World’s Coolest Neighbourhoods” is going to auction next month.

Fitzroys’ Chris Kombi and Marco Sandrin are marketing 21-23 Piera Street on behalf of a private investor.

The property is going to auction on Thursday, 4 September at 1pm on-site. Expectations are of $1.9 million-plus.

Located just 55 metres off buzzing Lygon Street, the property is on a valuable inner city landholding of 497sqm with a commanding frontage of 16m, and comprises a single level brick warehouse of 420sqm with four on-site car parks and rear access.

“Offered with vacant possession and Mixed Use zoning, the property provides a blank canvas for a buyer looking to make their mark on one of Melbourne’s thriving inner north neighbourhoods,” Kombi said.

“It’s a truly rare opportunity to secure a functional commercial building located just metres from Lygon Street and within the desirable Brunswick East Village. "This a tightly-held section of Brunswick East and is surrounded by a mix of high-density apartment complexes, shops, warehouses and a bustling nightlife and hospitality scene.

“Piera Street consists of a unique mix of commercial and residential buildings, and this offers the ultimate flexibility to occupy as is, repurpose or convert to residential.”

Global publication Time Out recently named Brunswick East among its “Coolest Neighbourhoods in the World” for its array of dining and nightlife institutions that draws consistent and loyal patronage locally and from across wider Melbourne. Nearby are renowned pizzeria 400 Gradi, Lebanese eateries Téta Mona and Mama Manoush, dining staple Bar Idda, and popular bars including Old Palm Liquor, The Alderman and Atticus Finch - among many more. According to Fitzroys' most recent Walk the Strip report, Lygon Street, Brunswick East has a low vacancy of just 3.7%.

“The surging location has seen a number of residential towers completed in recent years, which has boosted the immediate catchment, activity and trade, and it is set to benefit from further planned high-density residential development in the area,” Sandrin said.

“Melburnians are looking to live, work and play highly-accessible locations with quality hospitality and lifestyle amenity, and Brunswick East has a still-evolving world-class offering.

“There is clearly heightened demand for more retail, hospitality, and residential offerings.”

The location also offers excellent connectivity and exposure with trams 1 and 6 running on Lygon Street close to the property.