Lincolnshire Co-op has formed a 50/50 partnership with property business Wykeland Group to acquire Waterside Shopping Centre in Lincoln.
The independent retail society says the deal is the next step in its efforts to help regenerate the city. The co-op won plaudits for its recent redevelopment of the Cornhill Quarter – which is just across the river Witham from the Waterside, with a footbridge linking the two.
Waterside is 95% let with an impressive line-up of leading retailers including H&M, Next, New Look, Superdrug, O2, Office and Skechers. Its new owners will continue to operate it as a primarily retail scheme, while also aiming to develop the centre’s leisure offering.
Lincolnshire says the deal brings Wykeland’s property asset management experience and expertise to the city, citing its “exceptional track record of working in partnership to develop and manage property assets”.
Wykeland assets include the Fruit Market urban village in Hull and the Treadmills mixed use scheme in Northallerton, North Yorkshire. Wykeland also owns and operates the thriving Flemingate retail and leisure destination in Beverley, East Yorkshire, and a large part of Whitefriargate in Hull. And it was the original developer of the Parishes shopping centre in Scunthorpe.
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The venture is the latest in a series of Lincolnshire Co-op property development partnerships, including the Cornhill Quarter, the Lincoln Science and Innovation Park (LSIP), digital hub Mosaic and the Barbican Creative Hub project, which is in progress.
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.”
Wykeland managing director Dominic Gibbons 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.”
