130,000 sq ft shopping centre changes hands

Lincolnshire Co-op and Wykeland Group have joined forces to acquire one of Lincoln’s most prominent shopping centres.

The Waterside Shopping Centre in the Cornhill Quarter – a popular feature of the city centre for 30 years – is home to a host of major retailers including H&M, Next, New Look, Superdrug, O2, Office and Skechers.

The 130,000 sq ft site will continue to operate primarily as a retail scheme under the 50/50 partnership. It is already 95% let.

Wykeland manages a range of property assets including the Fruit Market urban village in its home city of Hull and the Treadmills mixed use scheme in Northallerton, North Yorkshire. The company also owns and operates the Flemingate retail and leisure destination in Beverley, East Yorkshire, as well as owning a large part of Whitefriargate in Hull.

Kevin Kendall, head of property at Lincolnshire Co-op, 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 MD 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”, Gibbons added.

“We look forward to working together to ensure Waterside makes the fullest possible contribution to Lincoln’s exciting future.”