Waterside planning application submitted
Capital & Regional submits planning application for Waterside Shopping Centre, Lincoln, as major new retail names are announced for scheme.
Capital & Regional, the specialist retail property company, has submitted a planning application to redevelop the Waterside Shopping Centre, Lincoln. As part of the plans, units are under offer to major UK fashion brands Next and H&M, marking H&M's flagship store in Lincoln. The proposed development will reinforce the centre's position as the regionally dominant fashion destination.
Capital & Regional has submitted plans to the City of Lincoln Council to reconfigure existing units and reposition escalators to create two double height Major Sized Units (MSU's) units over the centre's main two trading levels. This will provide a 22,000 sq ft unit for H&M and a 15,000 sq ft store for Next, reinforcing its presence in the city.
If approved, the project cost will be circa £9 million. It is also anticipated the redevelopment will help to create up to 100 jobs.
Further enhancing the scheme's fashion offering, New Look will enlarge and reconfigure its existing store, taking it from approximately 12,000 sq ft to circa 14,000 sq ft. This will consolidate its Lincoln representation within the Waterside Shopping Centre. In addition, Burger King will relocate to the lower ground floor 'Waterside level'. The application also includes improvements to exterior signage for south facing and high street areas.
Andrew Haughey, Retail Asset Manager for Capital & Regional, commented: "Lincoln is a strong Cathedral city which dominates retail provision for the area. The Waterside Shopping Centre has underperformed in recent years, principally because of small and poorly configured units which have not been suitable for modern retail requirements.
"Since acquiring the centre early in 2011, we have worked to place the Waterside Shopping Centre at the heart of Lincoln's fashion and lifestyle offer, with lettings to the Apple franchisee, Stormfront, and Office Shoes. Our proposals will allow us to build on this further and create large, modern units specifically designed to accommodate the requirements for both Next and H&M, both of whom have been keen to acquire well configured space within the city for a considerable amount of time."
Capital & Regional has been working on development proposals for Waterside Shopping Centre since it purchased the 120,000 sq ft asset in 2011. Current tenants include Topshop, New Look and Office.
Tushingham Moore are the leasing consultants on the Waterside Shopping Centre.