Failed residential builder Nicheliving will use an expected million-dollar windfall from the sale of parcels of land in Ardross to help pay down its more than $7 million debt to the Australian Tax Office, with prices starting from $495,000.
WAtoday and 9News Perth revealed last year that Australian Property Alliance — Nicheliving’s developer arm — had reached the deal with the ATO. Nine months later, 62 Tain Street, Ardross has hit the market.
Nicheliving had more than 200 homes still under construction when it fell into administration last year.Credit: Ross Swanborough
Nicheliving – which entered administration last year after more than 200 homes were left unfinished – had planned a luxury townhouse development for the site.
After buying the land for $2 million in 2022, APA was marketing its “privately positioned” townhouse development as an opportunity to buy in the “affluent riverside suburb… [close to] the waterfront lifestyle.”
Instead, the 1072 square metres of land in the blue-chip suburb has been subdivided into six lots as small as 121 square metres, which now present a chance to secure a home “without the premium price tag”.
Prices range from $495,000-$595,000, and three of the six have already been purchased.
If asking prices are reached, and after sale fees are accounted for, that would represent a profit of approximately $924,000.
As part of the company directors’ agreement with the ATO revealed by this masthead, those funds would be used to partly pay down Nicheliving’s $7.2 million tax debt.
The state government announced a $40 million bailout package for the embattled builder last year, allowing the company’s more than 200 unfinished homes to be completed.
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