UPDATE: Failed residential builder Nicheliving has officially launched the sale of prime land parcels in Ardross, aiming to address its staggering $7.2 million debt to the Australian Tax Office (ATO). The properties, located at 62 Tain Street, are now available, with prices starting at $495,000.
The urgent sale comes as Nicheliving looks to generate a substantial windfall to help settle its tax obligations. Sources from WAtoday and 9News Perth confirm that the Australian Property Alliance (APA), Nicheliving’s development arm, had previously struck a deal with the ATO to facilitate this process. Nine months after that agreement, the land has hit the market, with three of the six subdivided lots already sold.
This land was initially acquired for $2 million in 2022, intended for a luxury townhouse project in an affluent riverside suburb known for its desirable waterfront lifestyle. However, after Nicheliving entered administration last year—leaving over 200 homes unfinished—the parcels have been subdivided into smaller lots, ranging from 121 square metres to larger sizes, appealing to buyers seeking affordable options in a prestigious area.
If the remaining lots are sold at their asking prices, Nicheliving could see a profit of approximately $924,000 after accounting for sale fees. These funds are crucial for the company to begin addressing its tax debt, as outlined in the directors’ agreement with the ATO.
Additionally, the state government had previously announced a $40 million bailout package aimed at rescuing the troubled builder and ensuring the completion of its unfinished projects.
As this situation develops, prospective buyers are urged to act quickly as the demand for affordable housing in this sought-after suburb continues to grow. Nicheliving’s efforts may not only provide a financial lifeline but also restore confidence among homebuyers in the market.
Stay tuned for further updates on this urgent situation as it unfolds.
