The East Midlands
Lincolnshire Co-op and Wykeland Group buy Waterside Shopping Centre
In my view
By William Wall, Director, Eddisons incorporating Banks Long & Co, Lincoln
By mid-year, the Lincoln office alone - which forms part of Eddisons’ agency operation in the East Midlands alongside Kettering, Northampton & Peterborough - had transacted over £45 million of investment sales & acquisitions. In terms of volume of transactions, the industrial sector contributed the most to the £45 million plus total.
Programmes of road and
across
improvements in and around the Lincoln conurbation
the
infrastructure county
reinforcing the area’s appeal as a regional hub for industrial operators.
Lincolnshire Co-op and Wykeland Group have acquired Waterside Shopping Centre in Lincoln city centre.
The two organisations have come together in a 50/50 partnership to secure the prime retail and leisure destination.
The 130,000 sq ft Waterside scheme is 95% let and features H&M, Next, New Look, Superdrug,
O2, Office and Skechers, among others. The deal extends Lincolnshire Co-op’s role in the regeneration of Lincoln and brings Wykeland’s property asset management experience and expertise to the city.
The partners will operate Waterside
Shopping Centre as a primarily retail scheme while also developing the centre’s leisure offering.
Why North East Lincolnshire is a Great Place for Businesses to Relocate
Now is a very exciting time to invest in North East Lincolnshire. The availability of property, land, and skilled local workforce coupled with a Council authority who are committed to growing the local economy, working hand-in-hand with businesses makes NEL one of the best investment locations in the UK.
“The wonderful natural assets we have here, along with an available and skilled workforce, and competitive land and development costs is all complemented with our desire to invest and work with business. Together we can prosper and succeed, and we are determined to do so.” North East Lincolnshire Council Leader, Cllr Philip Jackson
Covering an area of 191.9km² with a population of 157,200 (2021) NEL hugs a stretch of the Humber Estuary, one of the busiest channels for shipping in the UK. The Port of Immingham alone is the UK’s largest port by tonnage, handling around 46 million tonnes of cargo every year.
Transport links are a huge selling point for the area with strong connections via road, sea, rail and air. A central UK location, NEL has fast motorway access to the M180, M18, M62 and M1/A1. All of England’s major conurbations are accessible in less than 4.5 hours by HGV. By sea the Port of Immingham provides direct sea freight connections to European and international destinations. Humberside Airport is located 7 miles from Immingham, providing a daily ‘hub-feeder’ services to Amsterdam Schiphol. Via rail both Grimsby and Immingham ports are
COMMERCIAL PROPERTY MONTHLY 2023
connected to the UK rail network, with more than 240 rail freight movements per week handled at Immingham terminal. Great progress continues on the £42-million South Humber Industrial Investment Programme (SHIIP), the largest investment of its kind in the areas history, paving the way for industry and the local economy to flourish.
What makes SHIIP so special are its three main elements: • The new £8M link road on the Humber Bank, completed December 2020, providing a vital link between Grimsby and the ports of Grimsby and Immingham as well as opening up key undeveloped land.
• The creation of a new ‘oven-ready’ 64-hectare business park, with current occupiers including burgeoning green-energy firm myenergi and the new £5.5M facility for the Humberside Engineering Training Association (HETA).
• Cress Marsh mitigation site. The only project of its kind in Europe, Winner of the 2020 Excellence in Planning for the Natural Environment award at the Royal Town Planning Institute (RTPI) Awards for Planning Excellence. Cress Marsh, supported by the European Regional Development Fund (ERDF) and GLLEP, offers significant advantages in time and cost for businesses wanting to develop within the SHIIP area.
To discuss what investment opportunities are available to your business, please email
enquiries@investnel.co.uk or phone: 01472 326142.
The county has an advantageous position on the logistics & warehouse map where connectivity to the Humber freeports and the Midlands industrial engine counts. Established industrial locations are now growing. For instance, St Modwen Park, a scheme on which we act, has already delivered over 400,000 sq ft of commercial space in recent years and an additional 350,000 sq ft is now consented.
But logistics is not the only growth sector here. The Greater Lincolnshire Regional Defence & Security Cluster - launched in August - will access public & commercial funding streams and give an international profile to the county, backed by central government endorsement.
With the UK’s ISTAR operational base at RAF Waddington, the area continues to attract major international defence & aerospace businesses.
With such high skill industries, R&D business opportunities come. Lincoln Science & Innovation Park is a joint venture between Lincolnshire Co-operative and the University of Lincoln and Eddisons incorporating Banks Long & Co is an instructed agent there.
The growth of the university over the last 27 years has had a major impact on the evolution of the city centre. And the growing student population has given stakeholders the confidence to deliver schemes such the Cornhill Quarter.
Indeed, as our H1 transactions demonstrate, the retail sector is attracting investment in the Lincoln area and there is a particular focus for our agency in the city centre itself.
When it comes to individual values of
transactions in our H1 report, we include the sale of Moorland Retail Park - to the south west of the city centre - and the purchase of Waterside Shopping Centre which is adjacent to the landmark Cornill Quarter regeneration scheme where we have been instructed on a number of units on Stincil Street.
Part of the Lincoln’s city centre regeneration will see the restoration and reinvention of the Grade II Listed Cornhill Market where, in
acting as appointed agents, we were
energised in seeing work beginning this summer to transform the traditional market for contemporary uses.
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