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How about holding a car boot sale on it every Sunday in summer?
Let the grass to about thigh height then make love to your beautiful wife in the middle of it whilst filming it from a drone. Lovely memories to keep.
That or the pond/ orchard idea sounds nice.
If you're considering caravans, you'll probably make more money and do less environmental damage by letting me and my 4X4 buddies come for some pay'n'play weekends. 8)
In case there was any doubt, no horses, they'll render it worse than a brown field site.
Just down to what you really want out of it, financially and aesthetically.
As mentioned above, tree planting - not sure of Scottish system, but probably some grant funding available, qualifying area is usually 1ha. so you don't have to plant the whole area, could sub divide it, grants will usually pay towards stock exclusion (fencing).
Easy option is to rent out as grass or grow for hay, justify the building of a barn to store it, small bale it so that you can sell at inflated prices to equine types.
Or being Scotland, drain it and remove all plant cover in hope of a midge free spot.
I was going to suggest Caravan Club Certified Location. 5 vans only so you might find planning permission is easy. There are certainly loads in rural locations in fields next to houses. You can put in electric hookups if you want and toilets, but many CLs don't have them. All they have is a tap and a hole for your chemical toilet.5 acres is massive, most of them are less than an acre. This makes it a good site imo. You'd be able to charge £7 or so a night, up to £15 (depending on location) if you had hookups. That could be £500/week in the season. We often have trouble booking in, and most of the time they're full. Of course if you're way out in the sticks it might not be as good.
The tiny little field where I camped in South Devon last year takes tents and caravan/campers, has a very basic toilet block - two loos with a sink in each, and a standpipe at the dividing hedge, is probably less than half an acre and they charge £10/night, with an honesty box system. £10-12/night seems to be the going rate down there.
I was there in October, for nine days, and most of the time I was on my own, but there were a number of campers and caravans at the weekends.
Personally I like the idea of a mixed setup of hay/wildflower meadow, native species apple orchard, and small camping and caravan area, the first two would probably prove attractive to the last group, and you could make something from selling the apples on a pick your own basis.
If you're thinking of any form of agricultural tenancy I'd recommend talking it over with a local agricultural auctioneers/land agency. Might cost a bit short term but could help you get a better price/terms and avoid some of the pitfalls.
They'll also know who to avoid like the plague locally...
I'm led to believe haylage in mini round bales is rather lucrative for selling to the sportscow crowd.
Just expect them to bitch endlessly about the price...
Mmmmmm, meat... I'm well up for some of that action, it's near Dundee if that's any use!
Bugger, bit far for us (somerset!)
If you just want low hassle and no cash (self assessment etc) then just strike a deal for some meat from the farmer. We do that on some of our land where the land owners just want the land grazing down and won't take any money (even though we are happy to pay the going rate).
Making hay can be lucrative but you need to store it. £3-4 for a small bale is the most £. You also need someone to cut and bale it but you again you could strike a deal with a farm contractor where they take a % of the bales.
Campsite - we looked a place with a 1 acre camping field but it was too close to the house and would be an intrusion. But I did want to do it on an 11 acre plot but would not get planning for a house as AONB. The place we looked at buying did yearly plots so people would pay say £1000 a year for the plot and also get to store there caravan there the rest of the time. That way you don't end up like the little campsite guy in carry on camping having to be there for guests to arrive as they can just arrive and get on with stuff and their caravan is already there and waiting for them. They must have had about 20-25 plots so a nice little earner. But you will need planning, toilets, showers, electric and water hook ups etc and be somewhere people will actually want to visit.
Someone did tell me about a scheme to encourage more fruit trees and you get paid for them. I will post any details if I find them.
Do this, Nurtures some local talent and provides a good and much needed skills area.