Lincoln shopping centre acquired by joint venture

Waterside Shopping Centre in Lincoln has been acquired by Lincolnshire Co-op and property management company Wykeland in a 50/50 partnership.

The retail and leisure destination is currently 95% let, with occupiers at the scheme including H&M, Next, New Look, Superdrug, O2, Office, and Skechers.

The purchase follows Lincolnshire Co-op’s Cornhill Quarter redevelopment, which saw the transformation of Lincoln’s corn exchange building into a retail and leisure destination.

Waterside Shopping Centre will be operated as a retail-centric scheme, although Lincolnshire Co-op said the new partnership will look to develop the site’s leisure offering.

Wykeland has previously worked in partnerships to develop and manage property assets such as the Fruit Market urban village in Hull and the Treadmills mixed-use scheme in Northallerton, North Yorkshire.

Head of property at Lincolnshire Co-op, Kevin Kendall, said: “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 added: “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.”