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Thought I would add - real estate agents aren't usually the best source for tax advice but in this case I assume they are talking strictly about the property that they are selling rather than the project and sale you are contemplating.

No GST payable on the sale refers to the Vendor who is currently selling. Once you subdivide and sell (assuming business income) you will need to collect and pay GST on your sale proceeds and you will probably be able to use the margin scheme to do this.

The investor is in the game for $400k. What if you have missed something and it cannot be developed. Unlikely but possible. So the investor has some portion of $400k at risk plus the opportunity cost if he is stuck in a poor investment for several years. You have lost nothing except a little...