If I move into an investment property than sell half as a development site will I avoid Capital Gains Tax?

In Australia we have a tax on Investment property sold to make a profit, strange but true! I have an investment proprty which I bought 7 years ago & lived in initially for 3 years, its been rented out for 4 years.Its zoned as a unit or townhouse site, so to avoid Capital Gains tax when I sell half to a developer Partner can i move back into it & claim Principal place of Residence exemptions?