Calling all backpackers - Old Gabba telephone exchange to be hostel

found this tucked away in the courier mail.

Real Estate
Calling all backpackers - Old Gabba telephone exchange to be hostel
Michelle Hele
320 words
29 January 2010
The Courier-Mail
COUMAI
1 - First with the news
81
English
Copyright 2010 News Ltd. All Rights Reserved
BACKPACKING visitors to Brisbane will soon be able to phone home from new digs at Woolloogabba, with plans to convert an old telephone exchange into a hostel.

The vacant three-level building at 400 Vulture St has been sold in a deal worth $2 million to a private developer.

Peter Costello and Robert Dunne, of Savills, negotiated the sale of the 940sq m property, which is close to the Gabba Cricket Ground.

Mr Costello said Woolloongabba had became a focus for urban renewal and redevelopment opportunities were highly sought after in the precinct.

He said the old telephone exchange in particular was a high-profile property with good exposure to the area's main thoroughfare, Vulture St.

``It is a high-profile site that attracted strong interest from buyers keen to maximise its future potential,'' he said.

Many developers were looking at alternative uses for existing sites.

``They are being more innovative in what they are looking to do with sites and the planned redevelopment of this property into backpackers' accommodation is a good example of that trend,'' Mr Costello said.

The site houses a three-storey building, which previously operated as a Telstra telephone exchange, but more recently was owned by a private developer.

Mr Costello said the developer had spent some time achieving development approval to convert the site to office space before offering it for sale. Negotiations continued for the sale for some time, with the deal now settling.

Although there was strong interest from commercial developers initially, Mr Costello said parking space was an issue that put some off.

He said parking was not such a significant issue because the new buyer intended to convert the building to backpacker-style accommodation, pending council approval.

There are a number of short- term accommodation providers already in the area