On your local council web site you will find the Local Development Plan, also at council offices and libraries, this will show how the area is designated (industrial, residential, etc, etc). If there is housing around the site then it should be possible to get PP for a residential development, otherwise most councils would shy away from it. If it is a derelict building (a brownfield site) this would be in your favour too.
A quick visit to your local PLanning Officer will give a good indication as to the likelihood of getting PP.
If the property is on the market with an estate agent, she/he should have a good idea what the possibilities will be.
Depending on the location...if it is in a highly sought after area and being siold for only £70K, chances are that it wont get PP for residential or it would be sold by now.
Bill McCallum
mccallum_bill at hotmail.com