The property on Plymouth Road was owned by the telecommunications company and put on the market by commercial property management and investment company Telereal Trillum.
The building will be transformed into nine dwellings and although under offer, the property agents for the vendor, Vickery Holman, say these could be in place by this summer.
Planning consent was granted on October 4 to convert the main building to housing.
Approval was given by West Devon Borough Council for two four-bedroomed end of terrace conversions; five three-bed mid-terrace conversions and two three-bed new build maisonettes. Each will have their own garden space and designated car parking.
The property is believed to date back to the early 1900s and was in use as a telephone repeater station up to two years ago.
Cables from the building were connected to Whitsand Bay in South East Cornwall and on to America.
Offers were invited by the owners in the region of £400,000.
The planning consent is subject to a Section 106 agreement with a contribution of £16,750 due on commencement of development — with a clawback provision.
These monies would be used by West Devon as a contribution to affordable housing and open space improvements in the area.
Anthony Eke, a development surveyor for Vickery Holman, said: 'Since planning permission was approved there have been a number of bids.
'There are no planning conditions as far as the building is concerned, it is up to the developer, but I'll be surprised if they did not incorporate the existing structure.'
The property is on the edge of a conservation area and the council is keen that any development would enhance the area — especially since its closure the building has remained unkempt and subject to vandalism.
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