REWD – Real Estate Wealth Development – Group, run by two men who live in the Grangemouth and Reddingmuirhead areas, is currently seeking planning permission to convert the vacant space of the upper floors of town centre businesses into flats.
Since it began operating two years ago, REWD Group has seen its combined property investment portfolio grow to a multi-million pound valuation.
The overall aim of REWD Group is to create wealth for its investors by addressing the significant supply and demand imbalance in the UK property market – and this could have the welcome knock on effect of regenerating struggling town centres at the same time.
According to REWD, the UK housing market has reached a critical level of under supply, with a shortage of homes compared to current demand.
At the same time many high streets are sadly becoming “ghost towns”, with large retailers going out of business or downsizing their number of stores.
Many of these empty properties create a great opportunity to aid the residential housing under supply.
A REWD Group spokesman said: “We created the REWD Group 18 months ago and have a good track record in residential buying and letting. Now we are looking to move into bigger projects and would like to try and develop properties in Falkirk and Grangemouth town centres.
“Our focus is now on developing empty commercial premises and turning them into residential properties. Although our acquisitions extend all over Scotland, our focus is on Falkirk and Grangemouth areas, as we’re both local guys.”
REWD Group currently has its eye on a former Indian restaurant in La Porte Precinct, in Grangemouth, and the entire floor above Poundstretchers at 150 to 156 High Street, Falkirk – a massive property which covers 2500 square metres and stretches right back to Manor Street.
“That property was used for accommodation years ago and we are looking to turn the upper floors into 16 flats. We want to keep the retail on the ground floor and convert the entire upper floors for residential accommodation.
“We are looking to add an extra level on the roof as well, complete with rooftop gardens, balconies and other features. We expect to submit a planning application to Falkirk Council this month.
“The way we look at it is, how are you going to get people back into the High Street? Well we do it by actually having people live in the town centre.”
REWD Group’s two founders each bring a ton of experience and skill to their projects, combining a background in international sales and business development with expertise in accounting and project management.
This allows the group’s decisions to be well balanced and carefully calculated and the main men always talk things through to ensure the choices made are the right ones.
The one stumbling block – and it is a pretty big one which is affecting the whole world at the moment – is the current COVID-19 lockdown.
“Things are moving slowly now, but luckily we are able to work from home. We have a few projects lined up to kick off after we’re out of lockdown.”