Wykeland acquires sole ownership of Lincoln’s Waterside centre
Commercial property development and investment business Wykeland has acquired sole ownership of Lincoln’s Waterside centre.
Wykeland and Lincolnshire Co-op formed a joint venture to acquire the centre in June 2023, and have since delivered a £3m investment programme aimed at revitalising the scheme.
Wykeland has now taken full ownership of the scheme, as Lincolnshire Co-op looks to focus its investment into different sectors, including housing and healthcare.
Investment during the joint ownership included the creation of a new frontage as well as a rebranding of the centre, aimed at creating a more look and feel.
The 130,000 sq ft Waterside centre is home to retailers including H&M, Next, Rituals, The Body Shop, New Look, Superdrug, Accessorize, O2, Office, Trespass, and Apple Premium Partner, Select. H&M, Next and The Body Shop have all recently committed to new or extended leases.
Beauty and lifestyle brand Rituals also recently opened its first Lincolnshire store at Waterside, while Lincolnshire-based Seven Districts Coffee also joined the scheme.
Dominic Gibbons, managing director of Wykeland, said: “Working with Lincolnshire Co-op to rejuvenate Waterside has been a very positive experience and we’d like to thank the Lincolnshire Co-op team for the valuable contribution they’ve made to everything that has been achieved.
“Our enhanced commitment in becoming the sole owner is a vote of confidence in Waterside as an anchor retail and leisure destination in the heart of Lincoln.
“We’re committed to continuing to invest in the centre and we’re excited to begin the next chapter of Waterside’s story.”
Paul Howard, chief financial officer at Lincolnshire Co-op, added: “For almost three years, we’ve worked in partnership with Wykeland Group to develop Lincoln’s Waterside centre, and we’re proud of all that we’ve achieved together. New services have been introduced and pre-existing retailers have renewed long-term leases.
“Now’s the time to transfer full ownership of Waterside to Wykeland, allowing the Wykeland team to continue this great work, while we refocus our investment into areas that align with our long-term strategic focus, such as healthcare and housing.”