UPDATE: Nicheliving has officially placed valuable land parcels on the market to address its staggering $7.2 million tax debt to the Australian Tax Office (ATO). The properties, located at 62 Tain Street, Ardross, are now available with prices starting at $495,000.
This urgent move comes as part of Nicheliving’s strategy to recover from its financial struggles after entering administration last year, when over 200 homes were left unfinished. The sale is anticipated to generate significant revenue, potentially amounting to nearly $1 million if the asking prices are met.
The land was originally acquired for $2 million in 2022 by the company’s developer arm, Australian Property Alliance (APA), which had plans for a luxury townhouse project in the affluent riverside suburb. However, in a shift of strategy, the 1,072 square meters of land has been subdivided into six smaller lots, with sizes starting from 121 square meters. This adjustment allows buyers the opportunity to purchase homes in a premium area without the associated high costs.
Three of the six lots have already been snapped up, signaling strong interest in the market. If the remaining properties sell at the listed prices, Nicheliving could see a profit of approximately $924,000 after accounting for sale fees.
As per the agreement with the ATO, funds generated from this sale will be pivotal in alleviating the company’s tax burden. The state government previously announced a $40 million bailout package to aid Nicheliving in completing its unfinished homes, highlighting the broader implications of this sale for the local housing market.
As the real estate landscape shifts, the urgency surrounding Nicheliving’s situation emphasizes the human impact of financial distress in the construction sector. Stakeholders are closely watching how this sale will affect the company’s future and the prospects for the many buyers who were left in limbo by the unfinished developments.
With the land now actively listed, all eyes are on how quickly these parcels will sell and what that means for Nicheliving’s financial recovery. The market response could provide critical insights into consumer sentiment in the wake of the company’s tumultuous year.
Stay tuned for more updates as this story develops.
