A balcony captures river and city views at 106 Maribyrnong St.

Local icon Franco Cozzo has already checked out the ‘Foot-e-scray’ building.

The ground floor has been set up for hospitality.

Professionals Whiting agent Marcus Peters said properties like this were evidence “the west has become the best,” with local icon Franco Cozzo among the first to view the building.

Formerly the headquarters of Lonely Planet, the attached Docklands Cotton Mills was recently reborn as the Dream Factory, a co-working tech-hub.

“It’s a part of the frontier land — you’ll come back in about five years’ time and say, ‘I’m glad I bought in the west’,” Mr Peters said.

“You’ve got to have the faith that the west is going to develop, with the trendies that are moving out there.

“It seems to be happening a lot more in the west — the underlying fact is that the retail spaces for cafes and bars is a lot cheaper.”

Tall ceilings in the New York-style apartment on the top floor.

The conversion is attached to the Dream Factory, formerly Docklands Cotton Mills.

Mr Peters said the property was suited to mixed-use as a home and business, or a collaborative space in the style of the nearby Dream Factory.

“It might be tech geeks, project managers or those in the financial space,” he said.

“You’re seeing a younger, more gentrified and worldly market — they just gravitate to that part of Melbourne.

“They find South Yarra — too many gold chains and just a bit boring, whereas something like this, it’s a bit edgy and worldly.”

Mr Peters said he was confident the August 17 auction was the right approach.

“When you’ve got something that’s a bit oddball, you often find auctions are the best way of producing a result,” he said.

Great space for “trendies” and “tech geeks” to mingle.

Industrial style living.