Lincolnshire Co-op and Wykeland Group announce Waterside Shopping Centre acquisition

Lincolnshire Co-op and Wykeland Group are delighted to announce the acquisition of Waterside Shopping Centre in Lincoln.

The two organisations have come together in a 50/50 partnership to secure the prime retail and leisure destination in the heart of Lincoln City Centre.

The 130,000 sq ft Waterside scheme is 95% let with an impressive line-up of leading retailers including H&M, Next, New Look, Superdrug, O2, Office and Skechers.
Following the success of the Cornhill Quarter development, the purchase extends Lincolnshire Co-op’s role in the regeneration of Lincoln and also brings Wykeland’s property asset management experience and expertise to the city.

The partners will work together to operate Waterside Shopping Centre as a primarily retail scheme, while also aiming to develop the centre’s leisure offering.

Wykeland has an exceptional track record of working in partnership to develop and manage property assets, including 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, as well as now owning a large part of Whitefriargate in Hull and being the original developer of The Parishes shopping centre in Scunthorpe.

Lincolnshire Co-op works with partners to develop property schemes, including the Cornhill Quarter regeneration, the Lincoln Science and Innovation Park (LSIP), Lincoln’s digital hub Mosaic and the Barbican Creative Hub project, which is in progress.

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 Hull-based 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.” 

Waterside draws from Lincoln’s 104,000 population and benefits from the city’s strong visitor economy and significant student presence. The centre has an estimated overall customer base of 376,000 people in its wider catchment area.

About Lincolnshire Co-op

• Lincolnshire Co-op is an independent co-operative society. Its purpose is to bring together ideas, energy and resources to make life better in communities. It has around 300,000 members and 2,900 local colleagues in Lincolnshire and the surrounding counties and an elected board of directors who oversee the business.
• The society provides valued services and supports the local economy from outlets across its trading area, including food stores, filling stations, post offices, travel branches, funeral homes, a florist, a crematorium and community libraries. It also cares for people’s health and wellbeing through its pharmacies and support for a network of wellbeing walks. Local good causes benefit through its Community Champions scheme and, together, colleagues and members also look after the local environment through volunteering.
• As well as its trading outlets, Lincolnshire Co-op owns properties, from flats and houses to commercial premises. The society brings land and buildings back into use to create attractive environments. With Lincolnshire Co-op as landlord, rents stay local and are invested in schemes that benefit the community.

About Wykeland Group

• Wykeland Group has set the standard for regeneration for more than 50 years, developing over 12m sq ft of high-quality commercial space and creating a legacy of renewal, jobs and prosperity.
• Wykeland is a leading developer in Yorkshire and the Humber, with a £500m development pipeline within the region. Wykeland is a long-standing and trusted regeneration partner of the public and private sectors, having the region’s long-term economic growth at the core of its business.
• Current Wykeland projects include the fast-growing Bridgehead business park close to the Humber Bridge; the flagship @TheDock tech campus in Hull’s Fruit Market; the expanding Melton West business park, west of Hull; northern Lincolnshire’s premier business location, Europarc; and the Flemingate retail and leisure destination in Beverley. 
• With joint venture partner Beal Homes, Wykeland has transformed the Fruit Market area of Hull into a vibrant urban village, under a £100m-plus, long-term regeneration scheme, delivered in partnership with Hull City Council. Wykeland is also delivering the £20m Treadmills mixed use scheme at the former Northallerton Prison site in North Yorkshire in partnership with the local authority.