Wykeland Group Assumes Full Ownership of Lincoln’s Waterside Centre Following £3m Revitalisation

Wykeland Group has taken full ownership of the Waterside centre in Lincoln, marking a new phase for the retail and leisure hub after a significant investment and redevelopment period.

The Hull-based commercial property developer and investor initially partnered with Lincolnshire Co-op in June 2023 to acquire the centre. Together, they implemented a £3 million refurbishment programme aimed at enhancing the centre’s appeal and modernising its facilities.

Following this successful collaboration, Wykeland has now acquired sole ownership, signalling its confidence in Waterside’s position as a vibrant and fully-let destination within Lincoln city centre. This move also aligns with Lincolnshire Co-op’s strategic decision to redirect its investments towards sectors such as housing and healthcare.

Wykeland Group has pledged to continue improving the centre’s attractiveness for both tenants and visitors. The company brings extensive experience in managing and developing urban retail and leisure spaces, including the Flemingate development in Beverley, East Yorkshire, and the £100 million transformation of Hull’s Fruit Market waterfront into a thriving urban village.

Dominic Gibbons, Managing Director of Wykeland, commented: “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.”

He added: “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, reflected on the partnership: “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.”

He continued: “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 hosts a range of prominent retailers including H&M, Next, Rituals, The Body Shop, New Look, Superdrug, Accessorize, O2, Office, Trespass, and Apple Premium Partner Select.

Investment during the joint venture period included enhancements to the centre’s frontage and a rebranding effort to establish a more modern and youthful atmosphere. Confidence in the centre’s future is underscored by key retailers H&M, Next, and The Body Shop committing to new or extended leases, securing their presence in Lincoln city centre for the foreseeable future.

Additionally, premium beauty and lifestyle brand Rituals opened its first store in Lincolnshire at Waterside, while local coffee company Seven Districts Coffee launched a new high-quality outlet within the centre.