Alternatively, if you like IDEs, you can import it directly into QtDeveloper, or a number of other IDEs such as Code::Blocks or Eclipse. See CMake documentation for details.
and then import that directory into eclipse. Eclipse will detect a CDT project and standard tools will work.
GCC versions
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Update arm-toolchain.cmake if the triplet changes (eg using Ubuntu repo arm compiler is arm-linux-gnueabi) or in a non-standard location. Currently it assumes that the compiler is on the path.