CGT Advice - splitting title and selling both
I have searched through other questions around CGT but I couldn't find any which match what I am trying to do so hoping for some advice please.
In September 2019 me and my wife purchased a property which is our only residence. The property consisted of a very run down 3 bedroom bungalow but on 0.5 acres. We have three young children so we need more space than this bungalow gives us. Our intention was originally to extend the bungalow or rebuild if this was more economical. Whilst exploring the options for where to live during the build, we came to the conclusion that splitting off a small part of the plot and building another small house would be our best option - we would live in this whilst the bungalow works took place. Eventually we would move back into the bungalow and either sell the additional house or keep and holiday let. We obtained planning permission to split the plot and build the additional house on the split off piece. Both parts have their own access.
The planning permission was approved prior to the pandemic but build costs have now rocketed making our long term plans for this plot less achievable. House prices have however increased considerably in our village. We have therefore decided to change our plans, sell and buy a larger property without doing any builds.
Obviously splitting the title and selling both parts separately will achieve the best sale price. The larger part will include the existing bungalow. The smaller part will include planning permission for a 3 bedroom house. My question is: What options do we have to sell both and not pay CGT? I believe that if we sell the small part first then we could claim PRR as this is considered as selling part of the garden. Is there any way to sell the larger part / bungalow first?