subdivision setup

An opportunity has risen for me ,
a friend is happy for me to subdivide her block of land in bentleigh east (VIC) in return for building her a townhouse, i can then have half the block,
i understand that Glen Eira council requires a planning permit before subdivision is granted , my problem is :How do i structure this deal
If subdivision is not granted until planning is granted how do i finance this as the bank will require land title.
is there a simple way of doing this taking into account tax implications etc
hope someone out there can offer some info
Many Thanks