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Just to let you know that if it's in a Trust then its pretty much 99% of the time not going to be CGT but your accountant will tell you that when you talk to him about it. It will distribute the profits and you will pay income tax on it (and GST if you sell within 5yrs)

Wow a $212k block that you can divide, build and be worth $1.2? Holy smoke, that must be somewhere like Geelong and be a major regional town or seaside somewhere. Your costings look about right for Melbourne but I'm wondering where demolition is included. If you are worried that council...