In earlier days Fitzroy was a centre of garment production, and there was once a slipper factory on Nicholson St. The record for this 1948 photo talks about 294 Nicholson St, but the building is numbered 304 (now as it was then if you look at the full scale original). The building to the far left, around the corner in Rose St, also has ‘Easy Phit’ Slipper Company on the wall, so perhaps the factory covered several buildings.
Courtesy the Fitzroy local history collection / ID: 15235 / photographer: unknown / copyright: expired – image is in the public domain / c1948
The building is currently vacant and yours for $50,000 a year.