Yes, it certainly is ! In fact you could have a site with TEN current valid permissions and, until one of them was implemented, they would all remain valid until they expired under their time limit.
Even if one was implemented, it would not invalidate any of the others unless it was an incompatible Change of Use or its implementation made the implementation of any others physically impossible or incompatible. (Then only those incompatible ones would lapse.)
e.g. If, on the same site, you had permission for gravel extraction, and implemented a permission to build a supermarket on the site, obviously gravel extraction becomes impossible with that building on the land surface and the gravel extraction permission would be effectively displaced by implementation of the one for construction of the supermarket.
But on the other hand, if you had gravel extraction, and implemented another for parking lorries on the land, that probably would not wipe out the gravel extraction permission, which is still physically capable of implementation if you simply stop parking the lorries there.
No, the council can NOT take into account extant planning permissions. But it can take into account the zoned use of the land, and whether it is suitable for what you now propose.
Your residential application must be determined on its own merits. That will include evidence of unsuccessful attempts at marketing for the industrial development. Make sure that evidence is absolutely fireproof !
Trevor
LAND PLANNING ASSOCIATES
Planning Law Consultants & Planning Appeals Specialists
www.landplanning.org.ukemail: info@landplanning.org.uk