Nicheliving’s multimillion-dollar sale of commercial site

The sale of assets owned by embattled builder Nicheliving is under way, with an offer accepted on its first significant asset, Swansea Street markets in East Victoria Park. The property owned by Nicheliving Capital Pty Ltd comprises two adjoining lots at 176 and 178 Swansea Street, with a total land area of 9454sqm. While the sale has not yet settled, it is expected to fetch several million dollars after Nicheliving paid a total of $4.85 million to acquire both sites in December 2020. Ray White Commercial would not comment on the sale, after advertising the land as “a golden opportunity to secure a rare development site, offering a multitude of potential development options, just 6km from Perth CBD”. Expressions of interest for the property closed on June 28. It is the latest in a string of Nicheliving-owned properties to hit the market. It was revealed last week that Nicheliving was selling off about 80 lots and properties in various stages of development at nine sites across Perth, reportedly worth a combined $26m. Building and Energy said during a hearing over its registration that Nicheliving had nearly $44.2m in assets and $76.2m in debts and loans, as well as a $7m unresolved tax bill. Martin Cuerden SC, representing Nicheliving, said the company also had contract assets worth $43m.