Lincolnshire Co-op partners with Wykeland Group on shopping centre acquisition
The Waterside Shopping Centre in Lincoln has been acquired by Lincolnshire Co-op and Wykeland Group.
The 130,000 square foot scheme in the centre of the city has been purchased in a 50/50 partnership between the two organisations.
Currently 95% let, its line-up includes retailers such as 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.
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.”
With an overall customer base of 376,000 from its wider catchment area, Waterside draws from Lincoln’s 104,000 population and also benefits from the city’s strong visitor economy and significant student presence.
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.
“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.”
