You are in the drivers seat, not the agent. Tell the agent you need to speak directly with the seller. The seller is the person that you want to speak directly to.
If the agent refuses to arrange a sit down, send a polite letter to the seller asking for a meet. Remind them that this will speed up your final decision making process and the offer and eventual sale = cash in the sellers hand.
What have you got to loose, at worst all they can say is "No".

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Friends and business do NOT mix!
If you must, make sure that you are able to strata title the different buildings or set up a company that issues shares. Each property has a share that entitles EXCLUSIVE rights to that part of the larger property.

Remember, if you with to sell later on and they other party does not wish to or is anable to, you will find yourself ina right bind.

Every agent is under a legal obligation to submit EVERY offer so do not take what the agents says "too low and offer". Write it up and submit a modest deposit ($1).
Sit down WITH the seller (not the agent) and find out what their selling motivation is; do they need CASH TODAY?
I would include a special clause to the effect that the offer is open until a set date and time 'UNLESS you have another offer on a different property accepted prior to them accepting'. This allows you to make multipul offers all over the place and only legally obliged to completed the offer that IS accepted. This allows you to get on with closing on a deal and not waste further time on poor agents or laging sellers.
I would also send a copy of the offer direct to the seller (and advise the agent of this as well), just to make sure that they are actually submitting your offer.
I would not carry a bleeding heart for too long either, just cast your net as wide as possible.
Cheers.

As the NRAS payment runs with the property, it should be considered as part of the income for that propety.
I would approach the professional body that looks after valuers and suggest that they reconsider their advice to their members.
It is not logical to fail to take into account a guaranteed income stream on that property, especiallly as it is attached to the property, not the person that was the first owner under the scheme.

1. Sell it direct to the builder with the condition that he does all the leg work and pays the fees and expenses up front.
OR
 2. You can go into partnership with him and divide the property at the point of sale to a 3rd party.
What you are selling is an 'option to purchase' for a non refundable price for a set period (say 6-9 months). Make sure this figure covers the expected CPI increase in the property over the 6-9 month time frame; say $20K on a $400K property at 5%.
This will reduce the cost to the builder as he will not buy the property from you as all he will get is an option to purchase from you. He then has the option to pass this onto the 3rd party buyer. This method is longer but will give you greater profits. The builder will be happy as well as he will not have to find the stamp duty up from nor will be have to purchase the land up front.
You will also have to give him a right of access to the property so he can complete the project on time.
You get the protection of having the building parcially built if he defaults as the building is 'attached' to the land.
Work out a price for the land (with CPI increases of the expected time to complete the building) plus a % of the profit…I would suggest a set price, its easier that way. Also, if he decides to reduce the price to sell it quick, then the total reduction comes out of his end.
I would also suggest that the property be pre-sold to the end buyer if possible….that way, the end buyer (via their bank in progress payments) is footing all the cash requirements as well.
Its a win-win all round: the builder gets to use the land and not have to pay $15+K is stamp duty which he has to pass on to the 3rd party buyer or pay for the 20% of the land price plus interest for the time to build; you get your option payment up front plus a good %/set price of the completed product and the 3rd party buyer gets a house and land for at least $30K less (being the savings made in double stamp duty and not having to pay for the builders interest payments.
Make sure that the builder foots all the costs of subdivision and building materials.
Also ensure that the builder has all the required licenses, insurance, and financial backing to complete the project on time (you may look at including a penality clause for late completion). 

The Trustee can distribute the funds as income or capital or as a loan. Check what is allowed in the trust deed. If its not what you want, check to see if you can amend the trust deed to achieve the ends you want. 

Chase the insurance to start with (with luck, you will get the cost of replacement and lost rent, for up to 12 months in some cases).
Lodge a claim re returned bond without your authorisation against the RE agent.
Lodge a complaint with the state RE Institute (they control the registration of selling agents and property managers.
Lodge a claim with the state Govt body that deals with RE agents and property managers.
Claim against the owners and ALL directors of the RE agency (the the recievers if they are truely in liquidation).
Go after ALL the Directors of the RE company with ASIC; try and have them declared unfit to run a company.
Lodge a claim via the Small Claims Court for any funds not recovered, including any insurance excess…claim against the RE agent, the property manager and ALL the directors.
In every case, use registered letters with each of the letters of demand with a signature required.

No matter what, get your property back on the market ASAP to get cash back into your pocket.
You may even use this as an opportunity to add value by improving the property and therefore charge a higher rent.

Cheers.

Colin

They call it STRATA TITLE

How would you fair if the market in your area DROPPED 5%? Do you have the funds to cover any margin call by the banks (unlikely but possible).
What is the outlook for the area over the next 3-6 months?
If you sold, where else could you invest in an UPWARDS market (Perth at 30%+ in a lot of areas)? Move sideways to go UP! [strum]