Wykeland acquires sole ownership of revitalised Waterside centre

Leading commercial property development and investment business Wykeland Group has acquired sole ownership of Lincoln’s rejuvenated Waterside centre.

Wykeland and Lincolnshire Co-op formed a joint venture to acquire Waterside in June 2023 and have since have delivered a £3m programme of investment to revitalise the centre.

After a successful period of working in partnership, Hull-based Wykeland has now taken full ownership to continue to build on Waterside’s status as a key destination for visitors to Lincoln city centre.  

For Wykeland, taking full ownership is a vote of confidence in Waterside and its attractiveness as a vibrant and fully-let retail and leisure centre in a thriving city.

The change also reflects Lincolnshire Co-op’s strategy to focus investment into different sectors, such as housing and healthcare.

As sole owner, Wykeland Group is committed to continuing to enhance the centre’s appeal to both tenants and customers, and the experience enjoyed by visitors.

Wykeland brings to Waterside many years of experience and expertise of investing in, managing and developing city and town centre assets. Wykeland is the developer, owner and operator of the successful Flemingate retail and leisure development in Beverley, East Yorkshire, and has driven forward the £100m-plus transformation of Hull’s Fruit Market waterfront area into a thriving urban village. 

Wykeland 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.” 

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 an impressive 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.

Investment from Wykeland and Lincolnshire Co-op during their joint ownership included the creation of a more attractive and welcoming frontage to the centre, as well as a rebrand of the centre to create a more modern and youthful look and feel. 

Renewed confidence in the centre has been highlighted by a trio of leading retailers, H&M, Next and The Body Shop, committing to new, or extended leases, ensuring the three major stores will remain in Lincoln city centre for years to come. 

Premium beauty and lifestyle brand Rituals has opened its first Lincolnshire store at Waterside, while Lincolnshire-based Seven Districts Coffee also came on board, occupying a newly-created, high-quality coffee shop in the heart of the centre.