Written by Eoghan Macguire, CNN

It's an opportunity for the ambitious businessman or woman flush with cash.

A tiny underground space that was once the site of a public toilet has gone on the market in one of London's most stylish districts with a starting price of £999,000 - or about $1.4 million.

Far from being bog-standard, the location in the Spitalfields district to the east of central London is described by a listing on the website of property consultants , Clarke and Lloyds, as "unique and full of character."

It was previously a nightclub venue after initially being converted to a commercial property 15 years ago. A Lebanese street food stall currently operates on the site.

As well as the 600 foot subterranean space, a pavement area of 435 square feet is included in the listed price.

Local residents, however, have voiced concerns that any new nightclub could lead to increased disruption in the already busy area.

The previous venue was closed down by the local council in 2012 after complaints about noise and licensing issues, according to a report in London's Evening Standard newspaper.

It was "a never ending source of disorder," chairman of the Spitalfields Community Group, Matt Piper, told the Standard.

"When it closed down, there was a local petition against it and hundreds of people from every part of the community signed it. Whoever takes it over is going to have to overcome that barrier. That's not to say it can't be done," Piper said.

But others had more positive recollections.

"So many good memories at this place. Loved this little venue," tweeted @JackGrooves.

These sentiments were echoed by Al Doyle of U.K. electronic band Hot Chip, who tweeted "Did one of my first london (sic) gigs here, supporting @Hot_Chip before I was in the band. The times they are a-changing."

A similar venture in London's Clapham Common saw a disused public toilet situated beside a tube station open as a wine bar in 2014.