A joint partnership of Lincolnshire Co-op and property developer Wykeland Group has acquired Lincolnshire's Waterside Shopping Centre.
The undisclosed deal sees the two organisations come together in a 50/50 split to take control of the 130,000 sqft property, which is 95 per cent let and includes big name retailers such as H&M, Next and New Look. Announcing the move, the partners said they will focus on running the centre primarily as a retail location while also looking to develop its leisure offering.
For the 300,000-member Lincolnshire Co-op, it follows its Cornhill Quarter development in the city, which is regenerating Sincil Street, City Square and the Corn Exchange. Meanwhile Hull-based Wykeland - which has a £500m development pipeline in Yorkshire and Humber - has worked in partnership to develop and manage locations such as the Fruit Market urban village in Hull and the Treadmills mixed use scheme in Northallerton.
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Lincolnshire Co-op head of Property Kevin Kendall said: “Working together with other local organisations, we’re proud of the schemes we’ve developed which boost the economy of the city and county, improve the local environment and provide a range of valued services. We’re always looking for opportunities where we could further support the retail and leisure offer within Lincoln and this partnership with Wykeland, focusing on a key site, is a perfect fit."
Dominic Gibbons, managing director of Wykeland, said: "We have been looking for opportunities such as this in high-quality locations and we’re delighted to have come together with Lincolnshire Co-op to acquire the Waterside Shopping Centre. We see this as a highly attractive asset in a vibrant city centre location benefiting from significant and ongoing investment, particularly the neighbouring Cornhill Quarter scheme where Lincolnshire Co-op have undertaken a fantastic regeneration scheme.
“This is great news for Waterside, as the centre is now in the hands of organisations with outstanding track records of commercial property asset management and development in Lincolnshire and the wider region. We share the same values, as investors with a long-term view and a deep commitment to supporting local communities. We look forward to working together to ensure Waterside makes the fullest possible contribution to Lincoln’s exciting future."
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