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We intend to retain the main residence indefinitely which makes things a little more difficult. All the property concerned is in Mrs Hulkster's name

The further I read the further down the rabbit hole I appear to go. Currently reading about whether the 15 year CGT exemption for small business potentially combined with bring forward rule for super may be an option.

Build and sell would be the most likely outcome. There are some economies to be had from building and selling all of them at the same time, but it seems that can be wiped out (and then some) if any proceeds are treated as income. No expenses being claimed, to us its just vacant land providing...

We purchased a PPOR around 16 years ago and the Vendor also owned three vacant blocks of land behind the PPOR. Circa 2 years later we were in a position to purchase these blocks from him (in personal names), mainly to maintain privacy and prevent them being populated with giant McMansions...