A commercial property development and investment business has acquired sole ownership of Lincoln’s rejuvenated Waterside centre, which totals 130,000 sq ft and features national brands including H&M and Next.
Wykeland and Lincolnshire Co-op formed a joint venture to acquire Waterside in June 2023 and have since completed a £3m programme of investment to revitalise the centre.
Hull-based Wykeland has now taken full ownership, bringing many years of experience and expertise of investing in, managing and developing city and town centre assets.
Managing director Dominic Gibbons 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.”
The deal also reflects Lincolnshire Co-op’s strategy to focus investment into different sectors, such as housing and healthcare.
Paul Howard, chief financial officer at Lincolnshire Co-op, said: “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.”
The 130,000 sq ft Waterside centre features a line-up of leading retailers including H&M, Next, Rituals, The Body Shop, New Look, Superdrug, Accessorize, O2, Office, Trespass, and Apple Premium Partner, Select.