Grangemouth-based property investor targets Scottish expansion after major project turning Falkirk's Temperance House into flats

A property investment vehicle founded by two schoolfriends from Falkirk is looking to grow its multi-million-pound portfolio across the Scottish buy-to-let market this year after revamping a derelict Victorian building in their home town.

REWD Group has turned derelict offices in Falkirk town centre into six luxury apartments. Picture: contributed.

Grangemouth-headquartered Real Estate Wealth Development (REWD) Group was founded in 2019 by Laurie Duncan and Alex Robertson who joined forces after both separately getting into property investment in 2010, and it has since grown its portfolio to 200 homes worth more than £12 million collectively. A particular focus is taking disused or neglected ex-commercial properties and converting them into “much-needed” housing for local communities.

The group has recently grown its collection of assets following the completion of a major project to transform a Victorian building, Temperance House, in Falkirk town centre. REWD secured funding from Together – having long worked with the specialist lender for funding its projects, teaming up on around 50 acquisitions to date – to cover the £550,000 costs of the conversion.

The project has seen the disused and neglected offices on the corner of Lint Riggs and Falkirk High Street turned into six luxury apartments. The building is said to take its name from its history as a teetotal “temperance café”, despite being originally designed by local architect Alexander Gauld as a hotel, and was then converted into offices about 50 years ago. REWD added that its other developments include the refurbishment of 23 flats on Falkirk High Street, and the conversion of a former Indian restaurant in Grangemouth into housing.

REWD Group is eyeing more projects in Scotland after its £550,000 transformation of Temperance House. Picture: contributed.

The group says the UK housing market has reached a “critical” level of undersupply, with a shortfall of 4 million homes, adding that it is estimated that almost a million are empty in the UK, excluding empty commercial properties.

Laurie Duncan, director at REWD Group said: “It’s incredibly rewarding to be able to bring buildings with character back to life. Sadly, many commercial properties across Scotland and the wider UK have found themselves redundant in recent years, whilst in contrast we have also had to cope with a severe housing shortage.

“We looked at this situation and decided to focus a lot of our development projects into restoring buildings like Temperance House and provide housing for the local area. [Our funding partner] Together has been a massive part of our journey to date, and we continue to do business on a daily basis.”

Steven Clark, business development director at Together, said: “Seeing the projects that Alex and Laurie are taking on is incredibly exciting. They have looked at what seems on the surface to be a challenging situation and instead found opportunities and success.

“Having already worked with them for several years, and watched their rapid growth, we have every confidence in their abilities. Temperance House is a perfect example of them putting their words into action; keeping almost all of their properties to rent rather than selling. The new flats will bring much-needed housing to Falkirk, and we look forward to seeing the next project Laurie and Alex decide to take on as they continue to build their portfolio.”