Embattled builder Nicheliving to pay down debts by selling luxury land
Embattled residential building company Nicheliving has done a deal with the Australian Tax Office to pay down its $7.2 million tax debt by auctioning off a 1000-square-metre parcel of land in the blue-chip suburb of Ardross.
Australian Property Alliance – Nicheliving’s developer arm launched in September – was advertising 62 Tain Street as “a desirable investment opportunity in one of WA’s most sought-after residential property hotspots.”
Many Nicheliving customers are still waiting on their homes to be finished.Credit: Ross Swanborough
The ATO wouldn’t publicly confirm the agreement due to confidentiality and privacy laws, however 9News Perth and WAtoday understands the deal was struck last month.
The land last sold for $2 million in 2022, and was slated for a townhouse development “privately positioned” in the “affluent riverside suburb”, which would offer buyers “a short walk to the river and the waterfront lifestyle.”
Australian Securities and Investments Commission documents show Nicheliving Project Pty Ltd is the major shareholder of Tidal Investments, which owns the lot.
Nicheliving was bailed out by the state government which picked up a multimillion-dollar bill to finish around 200 homes, however directors Ronnie Michel-Elhaj and Paul Bitdorf were forced to surrender their building licences in exchange.
Nicheliving is now in the hands of administrators, but a creditors report released on Thursday revealed the directors of the embattled builder have offered to hand over more than $2.7 million in a bid to retain control of the company.
It will be up to any potential new owners to determine if the deal goes ahead.
Despite being banned from holding a building licence for 10 years, Bitdorf and Michel-Elhaj remain free to operate as developers, and each own multiple properties across Perth.
Michel-Elhaj revealed in his only interview since the extent of Nicheliving’s building failures came to light that the business had $44 million worth of debt but claimed there was $100 million worth of land and contract assets to draw on.
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