Leading retailers renew leases as Wykeland and Lincolnshire Co-op invest £3m to rejuvenate Waterside centre

Joint venture owners Wykeland Group and Lincolnshire Co-op have rejuvenated Lincoln’s Waterside centre, delivering a £3 million programme of investment and securing the long-term commitment of three major retail brands.

The investments by leading Yorkshire-based property development business Wykeland and Lincolnshire Co-op have been delivered in under two years since they acquired Waterside and have now resulted in a trio of leading high street stores renewing their leases.

Fashion and homeware retailer H&M has extended its lease at Waterside and committed to a major £2m revamp of the centre’s anchor store.

Next and The Body Shop have also each signed new leases, giving a major vote of confidence to Waterside and ensuring the three popular stores remain in Lincoln city centre for years to come.

New operators have also come on board, including luxury lifestyle brand Rituals, which is opening a stylish new store at Waterside next month.

It means Lincoln will join Rituals’ nationwide line-up of boutique-style stores, which features locations such as Oxford Street, Covent Garden and High Street, Kensington, in London, and upmarket cities such as York, Cambridge and Edinburgh.

Hull-based Wykeland and member-owned Lincolnshire Co-op acquired Waterside in June 2023. Since then the owners have committed to a significant and ongoing programme of investment that has given Waterside an exciting new lease of life and reinforced its position at the heart of Lincoln’s retail and leisure proposition.

This has included the creation of a new high-quality coffee shop at the heart of Waterside, operated by local independent operator Seven Districts Coffee.

Waterside’s joint owners are also investing to create a more attractive and welcoming frontage to the centre from Lincoln’s High Street, along the picturesque River Witham. This will enable an improved pedestrian flow by the riverside, into the centre and across the river into The Cornhill Quarter.

Two units on High Street have been acquired to form part of the centre and enable the reshaping of the entrance to take place, while Waterside has also undergone a rebrand to create a modern, youthful look and feel.

These positive changes have also attracted more visitors into the centre, with footfall in 2024 up by three per cent compared to 2022, before Wykeland and Lincolnshire Co-op acquired Waterside, bucking the national trend.

Wykeland Managing Director Dominic Gibbons said: “Since acquiring the Waterside centre in a joint venture with Lincolnshire Co-op, we’ve invested significantly to ensure it remains a key destination for both local people and visitors to Lincoln.

“The new, long-term commitments by H&M, Next and The Body Shop reflect the strength of Waterside and the very positive reaction from tenants to the rejuvenation of the centre. 

“Waterside’s footfall is buoyant, trading is strong and there’s a great deal of confidence in the centre’s future.

“The investments we’re continuing to make, with our partners at Lincolnshire Co-op, are enabling Waterside to buck the retail trend and play a key role in Lincoln remaining a highly attractive location.”

Kevin Kendall, Head of Property at Lincolnshire Co-op, said: “It’s been fantastic to work alongside Wykeland to bring new services into the area, as well as updating pre-existing ones.

“Our joint investment is reflected in the shopping centre’s success – long-term commitments from tenants and increased footfall are both great indicators of this.”

Waterside’s owners and H&M are now jointly investing in a £2m refit of the centre’s anchor unit, with work being carried out on a floor-by-floor basis to minimise disruption and ensure the store will remain open throughout.

Among other investments, frontages on a number of smaller units at the centre are being revamped and £60,000 has been invested to completely refurbish the customer toilets. 

As well as H&M, Next and The Body Shop, the 130,000 sq ft Waterside centre features an impressive line-up of leading retailers, including New Look, Superdrug, O2, Office and Skechers.