URGENT UPDATE: Failed builder Nicheliving has officially placed land parcels in Ardross on the market, aiming to address its staggering $7.2 million debt to the Australian Tax Office (ATO). With prices starting at $495,000, the sale is expected to yield a significant windfall for the troubled company.
Just announced, the land at 62 Tain Street has hit the market, following a deal between Nicheliving’s developer arm, Australian Property Alliance, and the ATO, which was first reported by WAtoday and 9News Perth last year. Nine months later, the sale of this subdivided land could provide crucial funds to pay down the tax debt.
Originally intended for a luxury townhouse development, the 1,072 square meters of prime land has now been divided into six smaller lots, with sizes starting at 121 square meters. This new configuration opens the door for buyers to secure a home in the affluent riverside suburb without the premium price tag typically associated with the area.
Three of the six lots have already been sold, indicating strong demand. If the remaining properties reach their asking prices, Nicheliving could generate approximately $924,000 after sale fees are deducted. These funds are vital as part of an agreement with the ATO, ensuring that the company can begin to chip away at its significant tax obligation.
The urgency of this sale cannot be overstated. Nicheliving entered administration last year, leaving over 200 homes unfinished. The state government intervened with a $40 million bailout package, allowing these stalled projects to resume and providing a lifeline for the builder.
As buyers flock to this opportunity, the impact of the land sale extends beyond financial recovery. It represents a critical step toward restoring confidence in the local housing market and providing homes to families who have been left in limbo due to the company’s previous financial troubles.
Watch for updates on this developing story as the market responds to Nicheliving’s urgent move to settle its debts and revive its business. The next few weeks will be crucial for the company and interested buyers alike, as the demand for affordable housing continues to rise in the region.
