Apparently Resolved
Just received M40i back after a 2.5 week holiday at BMW Sydney. After trying many solutions with aid of microphone "ears" and the odd swap with a donor vehicle, I was given the car back today with the problem being the rear dust cover (presumably for the drivetrain). This sounds similar to the solution for another post in Adelaide, Australia. In fact BMW Sydney did talk to BMW Adelaide at my insistence. They were able to reproduce up on hoist by spinning the rear wheels. As I understand the dust covers (front and back) should spin with the drivetrain, but every now and then it catches and stops spinning.
Fix was to glue the dust cover.
Now only been a day, but no sound so far. I understand BMW technical were involved in remedy and presumably now have logged the issue (better!)
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